Bitcoin Cash Price Update: BCH/USD spotted falling triangle hints imminent breakout

Bitcoin Cash is among the many cryptocurrencies struggling to stay afloat above key support areas. The tag pf war started on Monday when Sunday’s recovery hit rocks across the board. Bitcoin Cash, for example, reversed the momentum on hitting highs around $360. The losses have explored the rabbit hole an even tested the key support at $320 twice.

Bitcoin Cash Vs Bitcoin SV

At the time Bitcoin Cash is struggling to stay afloat, its key rival Bitcoin SV (BSV) is flying the bullish flag high with a 12% surge in the last 24 hours. Bitcoin SV is trading above the critical $300 after a tactical recovery from lows under $250. For now, Bitcoin Cash is safely nested in the fourth position while Bitcoin SV seems to be setting quite well in the fifth spot by market capitalization.

Bitcoin Cash technical picture

At the time of writing, Bitcoin Cash is trading 0.60% lower on the day. It has a market value of $340. The immediate downside is protected by the 50 SMA on the 1-hour chart, currently holding the ground at $337. Also in line to provide support is the longer-term 100 SMA at $328.

The hourly chart shows the formation of a falling triangle pattern and Bitcoin Cash is trading just below the trendline resistance. A break above the triangle resistance could blast Bitcoin Cash towards $400.

Meanwhile, the technical levels in the short term analysis display a bearish picture for BCH. If the RSI hits the levels under 30 and the MACD slides into the negative region, Bitcoin Cash could eventually drop past the triangle support at $320 and target the key $300 region.

BCH/USD 1-hour chart