Bitcoin Cash price analysis: BCH/USD inching closer to flag pattern breakout


  • Bitcoin recovers from the shallow dive under $220 support but headway towards $230 still hampered.
  • The impending breakout above the flag pattern could elevate Bitcoin Cash past $230.

Bitcoin Cash is intentional with this current bullish momentum. The price has been able to sustain above the short-term ascending channel despite testing it twice. The brief deep under $220 support saw Bitcoin Cash make a comeback above $225. Bitcoin is trading at $226.14 following a 1.3% increase in value on the day.

Its immediate upside is capped under the 100 Simple Moving Average (SMA). Glancing further up, Bitcoin Cash is moving closer to a flag pattern breakout. The Relative Strength Index (RSI) is also moving higher above the average. Continued traction towards the overbought is likely to stir growth in value with Bitcoin Cash stepping above $230.

The trend was seen with the Moving Average Convergence Divergence (MACD). The indicator almost crossing above the zero line. Besides, correction above the 100 SMA would give BCH a boost to face the hurdle at $230.

BCH/USD one-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin: 100x growth in next 9 years?

BTCC head Bobby Lee waits for Bitcoin for $1 million in 9 years due to the unwise policy of central banks, as well as due to demand on "digital gold". But this is then, and for now, Bitcoin is unable to hold even above $9K.

More Bitcoin News

Litecoin (LTC) locked in a range amid low market activity

Litecoin (LTC), the sixth-largest digital asset, has been moving sideways recently. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. 

More Litecoin News

Crypto Today: China promises not to use digital Yuan to intrusion

The main actors of the crypto board continue to express the lack of trend force that began on Monday. Cardano stands out today with a rise of 2.15% against the US dollar.

More Cryptocurrencies News

Ripple price prediction: XRP/USD drifts towards $0.2700 – Confluence Detector

Ripple’s XRP has been drifting down towards the support area at $0.2700 since the beginning of the week. The coin touched $0.2893 low on Monday, though a host of stop orders located around $0.2700 stopped the sell-off and pushed the price to $0.2730.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast

BTC

ETH

XRP