Bitcoin Cash price prediction: Eyes on $ 215, with bull pennant on hourly sticks


  • The No. 5 cryptocurrency consolidates gains on Saturday.
  • Technical set up remains in favor of BCH bulls, but upside to be limited?

Bitcoin Cash (BCH/USD) built on Friday’s rebound before entering a bullish consolidation this Saturday, as the bulls await a fresh impetus for the next push higher. The world’s fifth-most favorite digital asset, currently, trades close to the 212 level amid quiet trading seen across the crypto space. The coin wavers in nearly $ 2.5 range, having hit a daily high of 213.15 and a daily low of 210.88. The price trades modestly flat on a daily basis while gaining almost 2% over the last 24 hours. The market capitalization for BCH/USD stands at $ 3.85 billion.

BCH/USD 1-hour chart

As observed on the hourly sticks, the price remains trapped in a potential bullish pennant formation (bullish continuation pattern), following a $3+ vertical rise seen in Friday’s European trading. The consolidation suggests the price risks further upside should it see an hourly close above the pennant’s upper trend line at 212.42. The pattern will be confirmed on a close above the last, with the bulls looking to retest the daily high. Buying interest will accelerate once the high is breached, as the pattern target just ahead of the 215 handle would come into play, where the horizontal trend line resistance intersects.

Further backing the near-term bullish outlook, the hourly Relative Strength Index (RSI) remains in an extremely oversold condition, with a rebound likely on the cards. Also, the No. 5 coin trades above all major hourly Simple Moving Average (HMA) indicating that the path of least resistance appears on the upside.

On the flip side, if the price closes below the pennant’s lower trendline around 211.50 on an hourly basis, the bull pennant formation will be invalided, as the bears will regain control, targeting the upward-sloping 21-HMA support at 210.78. A failure to resist the last, horizontal 200-HMA at 209.61 should stem the declines.

BCH/USD Levels to watch

BCH/USD

Overview
Today last price 211.8715
Today Daily Change 0.3829
Today Daily Change % 0.18
Today daily open 211.4876
 
Trends
Daily SMA20 211.9143
Daily SMA50 246.8815
Daily SMA100 251.5058
Daily SMA200 306.9246
 
Levels
Previous Daily High 212.4512
Previous Daily Low 206.0078
Previous Weekly High 215.2689
Previous Weekly Low 203.5318
Previous Monthly High 308.1348
Previous Monthly Low 192.2474
Daily Fibonacci 38.2% 209.9898
Daily Fibonacci 61.8% 208.4692
Daily Pivot Point S1 207.5132
Daily Pivot Point S2 203.5388
Daily Pivot Point S3 201.0699
Daily Pivot Point R1 213.9565
Daily Pivot Point R2 216.4255
Daily Pivot Point R3 220.3999

 

 

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