Bitcoin Cash Heading For Positive Breakout Potential to be 50X Investment multiply

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  • Bitcoin cash is trading in the symmetrical triangle pattern over the weekly chart and heading towards the breakout.
  • The pair of BCH/BTC is trading in red with an overall loss of -2.53%, standing at 0.01363726 BTC
source:tradingview

Bitcoin cash(BCH) over the weekly time frame is trading in the Symmetrical triangle pattern and is looking for a breakout. It is currently taking the support of the baseline and facing the resistance of the upper trading line. BCH has the potential to hit higher levels after breaking the symmetrical triangle pattern for the targets of $446, $688, and $859. The lower side support is placed at $240 and $200, while on the higher side, resistance is placed at $368 and $495. The breakout is expected next year, and investors can get up to %500-%700 gains in a few months from now.

Source:tradingview

The long term chart of Bitcoin cash (BCH) over weekly time frame indicating a bullish signals as the 20-EMA line is moving towards the 50-EMA line the crossover of both line can confirm the uptrend and we can see a positive rally from the current levels.

Source:tradingview
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Over the short term time frame, a bullish move is observed as a positive crossover of short term EMA of 20 and 50 over 200, indicating a positive momentum over the daily chart. Currently, it is trading at $317.17 with an intraday gain of +1.44%, supported by the volume traded in the last 24-Hours of $5,005,790,453, and the total market capitalization stands at $5,888,567,733.”

The Relative Strength Index (RSI), which indicates BCH’s strength, is trading at 62.03 over the weekly candlestick chart, and it is heading towards an overbought zone.

Moving Average Convergence Divergence (MACD) currently indicates the Bullish trend on the intraday chart as gives a positive crossover with the significance of Bull’sBull’s line(blue) over Bear’sBear’s line (yellow) with no sign of weakness. 

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Support levels: $240 and $200

Resistance levels: $368 and $495

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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