TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Cash price analysis: BCH/USD impressive triangle breakout targets $235

Bitcoin Cash price analysis: BCH/USD impressive triangle breakout targets $235
John IsigeJohn IsigeFXStreet
  • Bitcoin Cash break out of the symmetrical triangle pattern improves the technical picture as bulls set eyes on $235.
  • Offering support is both the 50 SMA and the 100 SMA.

Bitcoin Cash is reacting positively on Monday following a mundane trading session over the weekend. The 2% gains on the day follow a remarkable breakout from a symmetrical triangle pattern that has been forming since Tues last week.

At the time of the press, Bitcoin Cash is trading at $227.40. The breakout has legs founded within the support offered by the simple moving averages. The 50 SMA on the hourly chart currently stands at $221.39 while the 100 SMA is currently at $221.82.

This breakout coupled with the positive technical propel Bitcoin above $230 towards the supply zone at $235. The full stochastic oscillator is entering the overbought as an indication for increasing bullish strength. At the same time, the moving average convergence divergence (MACD) is back in the positive region. The increasing divergence suggests that Bitcoin Cash is in a bullish phase.

BCH/USD one-hour chart

Author

John Isige

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

More from John Isige
Share:

Editor's Picks

Cardano Price Forecast: Weak momentum puts ADA recovery at risk

Cardano Price Forecast: Weak momentum puts ADA recovery at risk

Cardano is trading below $0.222 on Thursday after failing to sustain gains above the 50-day Exponential Moving Average near $0.228 the previous day. Weakening derivatives metrics and fading bullish momentum continue to weigh on sentiment, while a break below the 100-day EMA could push ADA lower. Derivatives data shows a cautious outlook for Cardano.

Ripple and Stellar outlook: XRP and XLM recovery stalls below EMAs

Ripple and Stellar outlook: XRP and XLM recovery stalls below EMAs

Ripple and Stellar remain under pressure on Thursday as both struggle to sustain their recent recovery attempts. XRP trades below $1.36, while XLM slips beneath $0.183, as mixed derivatives metrics, weakening momentum indicators and heating market conditions suggest cautious market sentiment. Derivatives data shows weakening conditions for Ripple and Stellar.

Zcash Price Forecast: ZEC reclaims $1,300 as ETF inflow hits 30-day high

Zcash Price Forecast: ZEC reclaims $1,300 as ETF inflow hits 30-day high

Zcash price hovers above $1,300 on Thursday, sustaining its 15% gains so far this week with three straight days of recovery. Institutional and retail appeal is returning, with over $15 million in inflows recorded on Wednesday and ZEC futures Open Interest rising to a 30-day high of $2.89 billion. The technical outlook for ZEC indicates an upside bias as recovery gains traction.

Bitcoin derivatives improve, but $87,000 sell wall looms

Bitcoin derivatives improve, but $87,000 sell wall looms

Bitcoin (BTC) showed signs of recovery on Wednesday as derivatives positioning improved, but sell risk grew between $86,500 and $87,500, where sell orders and leveraged liquidation clusters could limit further gains.
Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains

Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains

Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.