eCash XEC Price Prediction: Strengthening Upside Momentum
The price of Bitcoin Cash (BCH), an alternative to Bitcoin, has been increasing throughout October, with a monthly gain of over 10%. Currently trading at around $241, BCH is up 6.12% for the day and is attempting to surpass immediate resistance levels.
BCH’s 20-day exponential moving average (EMA) is $224.5, while the 50-day EMA is $219.5. The price is comfortably above these short and long-term EMAs, indicating a bullish trend. The widening gap between the EMAs suggests growing upside momentum.
The relative strength index (RSI) currently stands at 64.21, up from yesterday’s 55.15. This indicates a decrease in bearish pressure and reinforces the strengthening bullish sentiment. The RSI is not yet in overbought territory, suggesting further potential gains.
The moving average convergence divergence (MACD) histogram has reversed from -0.1 to 0.9, indicating accelerating bullish momentum for BCH.
BCH Price Prediction: Bitcoin Cash Bulls Gain Momentum, Eyes on $270
BCH is currently facing immediate resistance between $230 and $237.7, with the Fib 0.382 level at $237.7 aligning with this range. However, with strong momentum today, BCH has a good chance of overcoming this barrier. The next significant resistance lies between $270.6 and $278, near the Fib 0.236 level of $272.6.
On the support side, BCH’s first support is its 20-day EMA at $224.5, followed by the 50-day EMA at $219.5. Maintaining above these levels will keep BCH’s bullish outlook intact.
With Bitcoin Cash surpassing key moving averages, gaining bullish momentum, and reversing oversold conditions, the technical analysis suggests a continuation of upward movement for the BCH price.
In the near term, it seems achievable for BCH to overcome the initial resistance point around $237.
Hot Take: Bitcoin Cash Shows Strength with Bullish Momentum
Bitcoin Cash (BCH) has been showing strength in its recent uptrend, with increasing upside momentum and a favorable technical outlook. With the price comfortably above key moving averages, such as the 20-day and 50-day EMAs, BCH is in a bullish trend. The RSI and MACD indicators further support this sentiment, with decreasing bearish pressure and accelerating bullish momentum.
While facing immediate resistance levels, BCH has the potential to overcome them and reach higher price targets. The next significant resistance lies around $270-$278. On the support side, BCH has strong support at its 20-day and 50-day EMAs.
In conclusion, Bitcoin Cash appears to have a positive trajectory, with the potential for further gains in the near future.
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