Bitcoin Cash Price Analysis: BCH has broken out of the chart pattern to move higher
- Bitcoin Cash trades nearly 8% higher on the session on a good day for cryptos.
- There was a nice break of the chart pattern on the 4-hour chart.
BCH/USD 4-hour chart
Bitcoin cash has had a nice move higher on Thursday in line with the rest of the crypto market. On the 4-hour chart below, the price broke out of the defending triangle pattern and move higher off the back of some decent volume.
Looking at some of the other indicators, the bulls will be happy that the price is holding above the two major moving averages (55 and 200). Also, the relative strength index indicator has moved higher but there is still room as it has not reached overbought conditions just yet.
Away from this, the natural resistance level is the high on the chart of 281.23 but in between that 250.00 could be a tricky zone. If the price does lose momentum and move lower the psychological 200.00 zone is the main support area.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
