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.

John Isige FXStreet

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

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Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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