- The No. 5 cryptocurrency consolidates gains on Saturday.
- Technical set up remains in favor of BCH bulls, but upside to be limited?
Bitcoin Cash (BCH/USD) built on Friday’s rebound before entering a bullish consolidation this Saturday, as the bulls await a fresh impetus for the next push higher. The world’s fifth-most favorite digital asset, currently, trades close to the 212 level amid quiet trading seen across the crypto space. The coin wavers in nearly $ 2.5 range, having hit a daily high of 213.15 and a daily low of 210.88. The price trades modestly flat on a daily basis while gaining almost 2% over the last 24 hours. The market capitalization for BCH/USD stands at $ 3.85 billion.
BCH/USD 1-hour chart
As observed on the hourly sticks, the price remains trapped in a potential bullish pennant formation (bullish continuation pattern), following a $3+ vertical rise seen in Friday’s European trading. The consolidation suggests the price risks further upside should it see an hourly close above the pennant’s upper trend line at 212.42. The pattern will be confirmed on a close above the last, with the bulls looking to retest the daily high. Buying interest will accelerate once the high is breached, as the pattern target just ahead of the 215 handle would come into play, where the horizontal trend line resistance intersects.
Further backing the near-term bullish outlook, the hourly Relative Strength Index (RSI) remains in an extremely oversold condition, with a rebound likely on the cards. Also, the No. 5 coin trades above all major hourly Simple Moving Average (HMA) indicating that the path of least resistance appears on the upside.
On the flip side, if the price closes below the pennant’s lower trendline around 211.50 on an hourly basis, the bull pennant formation will be invalided, as the bears will regain control, targeting the upward-sloping 21-HMA support at 210.78. A failure to resist the last, horizontal 200-HMA at 209.61 should stem the declines.
BCH/USD Levels to watch
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