Bitcoin Cash price surges by 13%; another bullish flag pattern forming, pending potential upside breakout
|- The buyers are eyeing $950 intraday high, but $1,000 could be within reach.
- The price is dancing with $949, pending a yet another potential bullish flag pattern.
Bitcoin Cash is recording the highest gains of 13% in the last 24 hours among the top ten cryptocurrencies by market capitalization. The crypto is currently in a progressive uptrend with another breakout looming above the now breached resistance level at $930. The buyers are eyeing $950 intraday high, but $1,000 is within reach when the long-term bullish trend is observed.
The price is currently correcting higher, while the technical indicators are confirming the bullish momentum seen on the hourly chart. BCH/USD upside was initiated at $760 during the trading on Wednesday 18, where the bulls garnered the support and broke past the resistance areas at $840 (formed a bullish flag pattern), at $880 (formed a second bullish flag pattern) and $930 respectively. The price is dancing with $949, pending a yet another potential bullish flag pattern.
Bitcoin Cash price must form a support above $900 to allow it to gain momentum as it explores new April highs towards $1,000. However, there is a highlighted support area at $880 that will halt declines towards this level. On the other hand, the MACD is moving deeper into the positive level region to signal that the buyers have the upper hand.
BCH/USD hourly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.