Following the failed attempt of an inverted head and shoulder breakout, the BCH price continues down the lateral path. Consolidating at the time of market recovery as Bitcoin reaches $35K, the altcoin struggles to cash in the high sentiments of investors.
Nevertheless, the dynamic support of the 50-day EMA keeps the prices above $225 and teases a recovery shortly. Therefore, the BCH price prediction teases a potential reversal rally, crossing $300 in 2023.
Despite the dynamic support of the 200-day and 50-day EMA from time to time in the last few months, the BCH price remains under $255. Following the fake breakout of the $250 resistance zone, the Bitcoin Cash price trend loses momentum.
With a minimal 5% growth in the Uptober season, the altcoin remains on a sideways track, but buyers remain dominant at $225. Moreover, the price action displays a falling channel as the correction phase approaches the 50-day EMA.
Nevertheless, the overlap trend teases a cup and handle pattern, and the bounce back from the average line hints at a breakout shortly.
Taking a slightly wider look, the BCH price action forms an ascending triangle pattern with the overhead resistance at the $250 supply zone. Forming higher low formations, the uptrend teases a new upcycle and high possibility of a bullish breakout.
Technical indicators:
Stochastic RSI: The K and D lines in the stochastic RSI indicator show a bullish turnaround from the oversold zone. Thus, the indicator shows a potential upcycle ready to challenge the $255 resistance zone.
EMA: The crucial 50-day and 200-day EMAs continue to track the positive path and provide dynamic support to Bitcoin Cash.
Will BCH Price Reach $300?
With high hopes for a Bitcoin Spot ETF surrounding the crypto market, the Bitcoin price skyrockets. However, the BCH price seems a bit slow to pick up the momentum and might need a breakout signal to unleash the trend.
Therefore, if the BCH price exceeds $250, the breakout rally can reach $300. On the opposite end, the 50-day EMA breakdown will plunge the prices to $200.
