Bitcoin Cash: Outlier of the day, bullish formations visible

BCH consolidates after a long run up in the bull rally.
Bullish flag pattern visible, about time to breakout.

Manoj B Rawal Independent Analyst

Bitcoin Cash, the split cousin of its largest peer Bitcoin, which has had a great run in this recently started bull market, has been consolidating in a channel that has formations of a bullish flag pattern which is on the verge of a breakout.

BCH/USD is up nearly 3 percent on day at $294.862, not far from day's high and the only coin trading in a more than 5 percent range so far in Sunday trading - sign that the rally today is driven by volumes and higher ranges.

This higher volume and higher range co-inciding with completion of a flag patteren on the daily chart is bullish for the prices and all that the bulls need is to cross past the upper end of the flag - $304 currently. Once broken out, target for this breakout is all the way towards $390.

BCH/USD daily chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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