Bitcoin Cash Chart Analysis: Symmetrical triangle breakout on 1H, more gains likely?


  • BCH/USD off the highs, but bullish bias intact.
  • No. 6 coin sees a symmetrical triangle breakout on hourly chart.
  • 200-HMA is likely to be tested in the near-term.

Bitcoin Cash (BCH/USD) caught a fresh bid-wave in early trades this Sunday and rose as high as $273.02 before reversing towards $270 levels, where it now wavers.

Despite the minor pullback from daily highs, the spot trades nearly 1% higher on a daily basis, enjoying a market capitalization of $5.08 billion.

The bulls are gathering pace for the next push higher, especially in the wake of a symmetrical triangle breakout confirmed on the hourly chart after the coin closed the hour above falling trendline (pattern) resistance, then located at $271.30.

The buyers now aim for the pattern target at $290. Ahead of that level, the 200-hourly Simple Moving Average (HMA) at $277 will be the level to beat for the BCH bulls.

Alternatively, a cluster of critical support at $270 should cushion the downside. That level is the confluence of the pattern resistance now turned support, 21 and 100-HMAs.  

A break below which the next support at $269 will be put to test. Friday’s low of $266.10 will be next on the sellers’ radar.

BCH/USD: Hourly chart

fxsoriginal

BCH/USD: Additional levels to consider

BCH/USD

Overview
Today last price 270.7571
Today Daily Change 2.3722
Today Daily Change % 0.88
Today daily open 268.3765
 
Trends
Daily SMA20 288.8715
Daily SMA50 272.9266
Daily SMA100 255.1544
Daily SMA200 262.4887
 
Levels
Previous Daily High 272.9035
Previous Daily Low 266.1049
Previous Weekly High 294.8808
Previous Weekly Low 258.4607
Previous Monthly High 306.6192
Previous Monthly Low 215.8202
Daily Fibonacci 38.2% 268.702
Daily Fibonacci 61.8% 270.3064
Daily Pivot Point S1 265.3531
Daily Pivot Point S2 262.3297
Daily Pivot Point S3 258.5546
Daily Pivot Point R1 272.1517
Daily Pivot Point R2 275.9268
Daily Pivot Point R3 278.9502

 

 


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