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    Bitcoin Cash price analysis: Bulls could target a breakout above $300.00

    By Nathan Batchelor

    15:33, 10 April 2020

    Bitcoin Cash price analysis

    Bitcoin Cash has been posting solid gains this week, as the popular cryptocurrency recovers to its highest trading level since March 9th.

    Bitcoin Cash price analysis shows that both short and medium-term analysis indicates that bulls could target a breakout above the $300.00 level. 

    Bitcoin Cash medium-term price trend

    Bitcoin Cash medium-term analysis shows that the cryptocurrency is now testing its key 200-day moving average, around the $270.00 level.

    BCH/USD often has a high correlation to BTC/USD, and has been closely tracking the number one cryptocurrency during its recent advance.

    Bitcoin Cash price analysis

    Bitcoin Cash technical analysis shows that a breakout above the cryptocurrencies 200-day moving average could encourage bulls to test the neckline of a large head-and-shoulders pattern. 

    Looking more closely at the daily time frame the neckline of the head and shoulders pattern is located around the $300.00 level.

    The $320.00 level also offers strong resistance above the $300.00 level, alongside rising trendline resistance, around the $345.00 level. 

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    ETH/USD

    3,088.80 Price
    -1.580% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 6.00

    BTC/USD

    63,545.55 Price
    -0.890% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 106.00

    US100

    17,381.80 Price
    +0.070% 1D Chg, %
    Long position overnight fee -0.0262%
    Short position overnight fee 0.0040%
    Overnight fee time 21:00 (UTC)
    Spread 1.8

    Gold

    2,326.50 Price
    +0.420% 1D Chg, %
    Long position overnight fee -0.0193%
    Short position overnight fee 0.0111%
    Overnight fee time 21:00 (UTC)
    Spread 0.30

    Bitcoin Cash short-term price trend

    Bitcoin Cash technical analysis shows that the cryptocurrency has a bullish short-term bias while price trades above the $227.00 level.

    The four-hour time frame now shows that the BCH/USD pair is working within a broadening wedge pattern.

    Bitcoin Cash price analysis

    BCH/USD bulls may test towards the top of the broadening wedge pattern, around the $345.00 level if a breakout above the $300.00 level takes place.

    Looking at the bottom of the pattern, key trendline support is currently located around the $240.00 level. 

    Bitcoin Cash technical summary

    Bitcoin Cash technical analysis shows that the cryptocurrency has now turned technically bullish. BCH/USD buyers could soon test towards the $300.00 level. 

    Markets in this article

    BCH/USD
    Bitcoin Cash / USD
    472.25 USD
    -11.7 -2.430%

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