Bitcoin Cash: This triangle breakdown could fail the bears, for now
- BCH broke down of a triangle pattern on the med-term chart.
- But bears lack follow through, may bounce some more.
Bitcoin Cash, the ambitious cousin of the largest crypto, Bitcoin, last week broke down of a triangle, which ideally should have resulted in prices collapsing dip into double digits. Lack of follow up selling and conviction, however, resulted in prices inching up slowly towards what could be termed as a false breakdown.
BCH/USD is down just under one percent on day at $118.802, just above low point of the day. On the eight-hour chart of this crypto, BCH broke down of a triangle, which was bearish to say the least. But bears lacked conviction to hit it hard.
As a result, prices are slowly inching past the breakdown point itself, once crossed it would be termed as a false breakdown of the triangle. Bulls need to cross past $120 and $134 to take the control back in their kitty.
BCH/USD 480-minute chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
