Bitcoin Cash price prediction suggests a rise in December and bulls will lead the rally. It rose 10% in the last session and formed a big marubozu candle.
BCH price managed to climb above the 50-day EMA showcasing an uptrend and buyers are returning back to the track. Meanwhile, the buying volume also surged and the price followed the same direction indicating the participation of the big players.
Bitcoin Cash price took support near $220.00 and showed a decent bounce. However, it will be interesting to see whether the buyers can give the follow-up momentum or not.
On the higher side, $270.00 may act as a strong hurdle for the bulls. Until the buyers break the $270 hurdle and take control over the supply zone, the new swing high may not be visible.
The recent up move in BCH crypto looks reliable so the probability of continuing the upward momentum remains high. Currently, Bitcoin Cash price is trading at $240.60 with an intraday decline of -4.64%. The 24-hour volume to market cap stands at 7.99%.
Bitcoin Cash Price Prepares for Massive Breakout
Bitcoin Cash price is mildly bullish and seems to be preparing for the massive breakout. On the daily chart, the price is stuck in a wide range between $201.00 to $270.00.
The next directional move will be visible when buyers can break either side of the range. The price action says, that till the BCH price sustains above $200.00 the probability of the higher range breakout will remain high.
Furthermore, the overall crypto market is performing well so it may positively impact BCH and add fuel to its momentum.
BCH Price Reverses Upward From the Demand Zone
BCH price reverses upward from the demand zone and shows signs of continuing the recovery. If the recovery in Bitcoin Cash price continues and buyers succeed in breaking the $270.00 hurdle.
Then 10% to 15% sharp rise may be visible and BCH will regain the $300.00 mark. The MACD curve in BCH crypto has displayed a positive crossover and the histogram bar is forming higher high bars. It shows price is likely to trade with a bullish bias.
However, the RSI curve reverses down from the overbought territory denoting that the price is cooling off. But it may show a bounce after testing the neutral zone.
Conclusion
Bitcoin Cash price prediction suggests it may show a massive breakout in December. The chart pattern shows that the BCH price is mildly bullish and it may explode and break the $270.00 hurdle.
Therefore, it’s better to play bullish bets in BCH near $240.
Technical Levels
- Resistance levels: $269.8 and $300.00
- Support levels: $220.00 and $201.60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2023/12/05/bitcoin-cash-price-prediction-will-bch-price-fly-to-300-in-jan/