Bitcoin Cash price analysis: BCH/USD impressive triangle breakout targets $235
|
- Bitcoin Cash break out of the symmetrical triangle pattern improves the technical picture as bulls set eyes on $235.
- Offering support is both the 50 SMA and the 100 SMA.
Bitcoin Cash is reacting positively on Monday following a mundane trading session over the weekend. The 2% gains on the day follow a remarkable breakout from a symmetrical triangle pattern that has been forming since Tues last week.
At the time of the press, Bitcoin Cash is trading at $227.40. The breakout has legs founded within the support offered by the simple moving averages. The 50 SMA on the hourly chart currently stands at $221.39 while the 100 SMA is currently at $221.82.
This breakout coupled with the positive technical propel Bitcoin above $230 towards the supply zone at $235. The full stochastic oscillator is entering the overbought as an indication for increasing bullish strength. At the same time, the moving average convergence divergence (MACD) is back in the positive region. The increasing divergence suggests that Bitcoin Cash is in a bullish phase.
BCH/USD one-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.