Bitcoin Cash Price Analysis: BCH has broken out of the chart pattern to move higher

Bitcoin Cash trades nearly 8% higher on the session on a good day for cryptos.
There was a nice break of the chart pattern on the 4-hour chart.

Rajan Dhall, MSTA FX Daily

BCH/USD 4-hour chart

Bitcoin cash has had a nice move higher on Thursday in line with the rest of the crypto market. On the 4-hour chart below, the price broke out of the defending triangle pattern and move higher off the back of some decent volume.

Looking at some of the other indicators, the bulls will be happy that the price is holding above the two major moving averages (55 and 200). Also, the relative strength index indicator has moved higher but there is still room as it has not reached overbought conditions just yet.

Away from this, the natural resistance level is the high on the chart of 281.23 but in between that 250.00 could be a tricky zone. If the price does lose momentum and move lower the psychological 200.00 zone is the main support area.

Additional levels

BCH/USD

Overview
Today last price	231.2071
Today Daily Change	16.0106
Today Daily Change %	7.44
Today daily open	215.1965

Trends
Daily SMA20	231.6911
Daily SMA50	245.5827
Daily SMA100	307.7975
Daily SMA200	268.783

Levels
Previous Daily High	225.3738
Previous Daily Low	214.1425
Previous Weekly High	280.3806
Previous Weekly Low	224.4072
Previous Monthly High	353.0056
Previous Monthly Low	135.8533
Daily Fibonacci 38.2%	218.4329
Daily Fibonacci 61.8%	221.0835
Daily Pivot Point S1	211.1014
Daily Pivot Point S2	207.0063
Daily Pivot Point S3	199.87
Daily Pivot Point R1	222.3327
Daily Pivot Point R2	229.469
Daily Pivot Point R3	233.5641

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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