Bitcoin cash(BCH) Analysis: Bitcoin Cash Trading on Bullish Note After the Breakout from a Symmetrical Triangle Pattern

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  • Bitcoin cash trading price breaks the multiple highs of previous trading sessions; however, it also tested the support level, but the overall momentum is still bullish
  • The BCH/BTC pair is trading at 0.01358 BTC with an intraday gain of +0.67% after the double bottom breakout
Source:tradingview

Bitcoin cash trading price testing the support level of $440 and $400 after a massive rally till $630. It is currently trading above 20-Exponential Moving Average(EMA), and we can expect some consolidation at the current price levels. The support is situated at the price levels of $440 and $380. Likewise, the key resistance on the higher side is placed at $520 and $620. The levels in upcoming trading sessions can be expected of $690 and $880. 

Source:tradingview

Bitcoin cash trading price on the weekly time frame is given a positive breakout from the symmetrical triangle pattern, and now the resistance line is converted into the support line. The positive crossover of 20-EMA over 50-EMA generates a bullish momentum for the coming trading sessions. The daily chart support for BCH is placed at $440 and $400, similarly resistance levels at $520. The volume recorded in the last 24-hour session is $12,445,133,158, and drops over -27.70%, with the total market capitalization standing at $8,991,200,537, which drops by -2.95% in the last 24-hour. BCH over the past seven days, gains over +13.75%.

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The Relative Strength Index (RSI) indicates a bullish momentum while trading at 58.62, which is placed near overbought territory. Therefore, it can expect a short-term retracement in upcoming trading sessions.  

Moving Average Convergence Divergence (MACD) currently indicates a bullish trend on the medium-term chart as it gives a positive crossover. The significance of the selling line (red) over buying signal lines (green)is high. However, a negative crossover is expected as both lines are heading closer to each other.

Support levels: $440 and $380.

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Resistance levels: $520 and $620 

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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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