Bitcoin Cash Price Predictions: Focus on the Triangle

Summary:

The completion of the symmetrical triangle pattern is what will determine the direction of Bitcoin Cash price predictions.

The BCH/USDT pair edged higher on Thursday, but this has not significantly impacted Bitcoin Cash price predictions as the pair continues to trade within the consolidation pattern. The BCH/USDT pair’s price action is evolving into a symmetrical triangle.

The price rejection at the 111.9 support respected the triangle’s lower border and set the price action towards the triangle’s upper border. The price move also keeps Bitcoin Cash within a range bordered by the 111.9 support and the 119.6 resistance.

Subsequent price moves on the pair will depend on which direction the price will decide to break from. The direction of the break is what will determine where the Bitcoin Cash price predictions for October will point to. The pair is up 1.14% as of writing.

Bitcoin Cash Price Prediction

The symmetrical triangle on the daily chart is close to its point of resolution. The price action is presently testing the upper border of this triangle. A breakout from here must also take out the resistance at 119.6 (22 June and 3 September highs) to have a clear pathway toward the

measured move’s completion at the 130.8 resistance mark (20 July and 26 August highs). This move must clear an obstacle formed by the 124.5 price resistance, where the previous 20 June and 21 July highs form a conspicuous barrier. 137.1 is an additional price target if the bulls push the price beyond the measured move’s endpoint.

On the flip side, a rejection from the triangle’s upper border sets up a potential breakdown of its lower border. If this occurs, the 111.9 support (20 August and 6 September lows) forms the primary barrier to the south that needs to give way to allow the measured move aim for completion at the 101.9 support (5/15 July 2022 lows).

There is also an intervening barrier at 108.2, formed by prior lows of 17 July and 21 September 2022. If there is further price deterioration, the bears could make 97.2 (30 June and 12 July 2022 lows) an additional harvest point.