Bitcoin Cash becomes the bull among the bears: Bullish flag pattern breakout lingers


  • Bitcoin Cash explored the levels close to $125 earlier this week.
  • Bitcoin Cash bulls are getting ready to increase their entries in reaction to the bullish flag pattern.

BCH/USD is trending higher on Thursday in spite of the market being mostly in the red. The current bullish momentum comes after Bitcoin Cash bulls failed to break above the resistance at $135 during the Asian trading hours.

Bitcoin Cash explored the levels close to $125 earlier this week. While there was a slight recovery from the weekly low at $125.09, BCH/USD was not able to correct above the hurdle at $129. The sideways trading continued until the brief surge during the Asian trading hours today. On clearing $129 resistance, the crypto reignited further correction above $130 and even tested $135 to the upside.

The retracement from the intraday high has formed a bullish flag pattern. According to the BCH/USD 15-minutes chart, it is only a matter of time before we witness a breakout that is likely to retest $135. It is also clear that a break above the critical $135 hurdle will open the road for gains towards $140. Besides, the RSI on the chart is changing its direction north to show that the bulls are getting ready to increase their entries.

BCH/USD 15' chart


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BTC/USD rejected at $11,000: the 61.8% Fib level holding ground

Bitcoin continued with the uptrend as discussed yesterday after breaking above the hurdle at $10,800. A break occurred above $11,000 later forming a high around $11,097 (Fib swing high). Unfortunately, dwindling selling pressure led to a retreat from the levels above $11,000.

More Bitcoin News

Ripple price analysis: XRP/USD bulls stop short of $0.32, the sell-off resumed

Ripple's XRP slipped below $0.31 handle, but further upside looks limited. The third largest digital asset with the current market capitalization of $13.4 billion, has gained 1.2% in recent 24 hours; however, it is still down over 20% on a week-on-week basis.  

More Ripple News

Ethereum price analysis: ETH/USD recovery blocked by $230 handle

Ethereum, the second largest cryptocurrency with the current market capitalization of $24.4 billion, has recovered about 3% of its value in recent 24 hours to trade at $227.50 by the time of writing.

More Ethereum News

Litecoin price analysis: LTC/USD still range-bound

Litecoin is dancing in the red just like the other major cryptocurrencies. Having opened the session on Tuesday at $90.40, the digital asset’s value ascended to highs at $91.79 before retracing to the current market value of $89.80.

More Litecoin News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast

BTC

ETH

XRP