- Bitcoin Cash bulls have a task to defend $240 support at all costs to avert possible losses to $230 and $200.
- Bitcoin Cash is staring towards a possible breakout from the triangle pattern; target set at $280 in the medium term.
Bitcoin Cash is slightly in the green on Thursday during the Asian session. After extending the price action from March lows at $132, BCH has failed to sustain gains above $280. Instead, the price continues to narrow around $240. At the time of writing, BCH/USD is trading at $240.20 amid a growing bearish grip coupled with high volatility. This means that Bitcoin Cash is likely to breakdown in the near future as opposed to taking the fight to the $250 resistance zone.
On the other hand, Bitcoin (BTC), the largest cryptocurrency by market capitalization has slipped under $9,500. All attempts to break above $10,000 failed amid a strengthening bearish grip. BTC/USD is trading at $9,470 after refreshing levels at $9,250.
Scenarios from the symmetrical triangle
The daily chart clearly shows the formation of a symmetrical triangle and Bitcoin is trading at the apex of this pattern. The price is, however, trading closer to the triangle support which means that the bulls have a task to prevent losses below $240. This way they can help avert declines towards $230 and $200.
On the flip side, if the price changes direction and clears the triangle resistance, there is a possibility of a breakout targeting $280 and $300 levels respectively. Since the breakdown in March, BCH/USD has stepped above $280 only once. Another attempt could be the key for gains above $300 and even February highs around $500.
BCH/USD daily chart
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