BCH Price Analysis: Will BCH Cross Sellers Mark At $250?

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Sustaining a remarkable, bullish trend in 2023, the BCH price displays a remarkable growth of 135% year-to-date growth. With the ongoing Uptober season and the Blackrock ETF under review, the sentiments are on the verge of sparking a new hopium rally. 

The recovery rally increases the possibility of a breakout rally for Bitcoin Cash and the BCH price prediction of reaching $300 in 2023. 

The recent pullback from the $300 level leads to a sharp correction to the $180 support zone. Nevertheless, with the high volatility in September, the buyers were able to ride the volatility to give a bullish breakout and challenge the $250 mark. 

In the larger picture, the Bitcoin cash price action displays a positive bullish pattern that may soon cross the $300 mark. The bullish pattern is an inverted head-and-shoulder pattern with a neckline at the $250 resistance zone. 

Currently, the price action is forming the right shoulder of this pattern as it takes support from the 50-day EMA. The recent 7.29% growth last night leads to a bullish engulfing candle and completes a rounding bottom reversal, increasing the likelihood of a prolonged uptrend. 

Technical indicators:

MACD indicator: The MACD indicator displays a positive crossover on the verge as the MACD and signal lines converge. Therefore, the momentum indicators give a positive signal. 

EMA: The positive trend in the 50 and 200-day EMA certifies the ongoing bull run in BCH price. Moreover, the rising EMAs provide a dynamic cushion to absorb any sharp selling spree. 

Will Bitcoin Cash (BCH) Price Crash Under $180?

As the overall market sentiments improve, the possibility of a bullish pattern breakout is increasing rapidly. The overhead resistance breakout of $250 will mark an entry point for sideline traders. The breakout rally is expected to cross the $300 mark and reach the $329 high. 

Conversely, a failure to sustain above the 50-day EMA will plunge the market value to the $180 support zone.