Lorenzo Stroe
Independent Analyst
- BCH is trading above $250 after a significant dip was bought by the bulls today.
- BCH/USD remains inside a daily symmetrical triangle that seems to be favoring the buyers.
BCH/USD is trading at $255 at the time of writing and continues with its daily uptrend. The digital asset suffered a significant rejection after touching $260.82 and dropped to $247.54 in the next three hours. Bulls managed to buy the dip but were rejected again at $259.
Neither of these rejections had significant continuations, but it seems the bulls have encountered a fierce resistance area between $259 and $261.
BCH/USD daily chart
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Bitcoin Cash is trading inside a daily symmetrical triangle that is currently in favor of the buyers. The resistance level to break is set at $269.28 and $270 psychological level. If the bulls can manage to crack both resistances, BCH could spike up to $277.29, a daily high formed on May 9.
Support can be found at $242.33, the low of June 2, and the current daily 26-EMA. The daily 12-EMA should also be considered support. The symmetrical triangle would only break bearish if BCH slides below $220.36, which is far away from its current price.
BCH/USD technical levels
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