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