- 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
|Today last price||211.8715|
|Today Daily Change||0.3829|
|Today Daily Change %||0.18|
|Today daily open||211.4876|
|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|
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.