Technical Analysis for BCHUSD for 19th October 2021
Bitcoin Cash Prices in a Tight $100 Range, BCH Bulls Find Resistance at $660
Past Performance of BCH
The Bitcoin Cash price is steady at writing.
Overall, BCH/USDT prices are within a $100 zone with caps at $660 to the upside and $560 and the middle BB on the lower end.
Depending on the breakout direction, this sideways movement would either turn to be an accumulation or distribution.
What to Expect of BCH
Going forward, BCH buyers are buoyant considering the state of price action and resurgent bulls in the recent past.
Even so, how BCH/USDT prices react at $660 would determine whether buyers will flow back, thrusting the coin back to around September 2021 highs of $800.
A dump below the middle BB and $560 may pour cold water on buyers forcing the coin to $475 in a bear trend continuation of September 2021.
Bitcoin Cash Technical Analysis
Technically, buyers have the upper hand due to gains of the last two weeks.
Even so, the BCH/USDT price is reacting at the 50 percent Fibonacci retracement line of the September 2021 swing low.
Therefore, for the uptrend to be valid, the close above $660 ought to be with an uptick in trading volumes and ideally wide-ranging.
In that case, BCH prices could find the base for lift-off to $800.
On the flip side, pronounced losses below the dynamic support line of the middle BB may likely deflate buyers. In turn, this would feed bears angling for $475 in short to medium term.
Resistance level to watch: $660
Support level to watch: $560
Disclaimer: Opinions expressed are not investment advice. Do your research.
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