Bitcoin Cash price analysis: starting to break out
19:31, 19 August 2020
Bitcoin Cash is starting to break out across various time frames, as the popular cryptocurrency firms above the $300.00 level.
Bitcoin Cash price analysis shows that medium-term bulls may be targeting a rally towards the $480.00 level.
Bitcoin Cash medium-term price trend
Bitcoin Cash is starting to trade towards the current monthly high, with the price action surrounding the cryptocurrency appearing increasingly bullish.
Bitcoin Cash technical analysis shows that bulls could be preparing to test the technically important $360.00 area.
The daily time frame shows that the BCH/USD pair is trading inside a rising price channel between the $360.00 and $240.00 level.
A breakout above the rising price channel could provoke a technical breakout towards the $480.00 level.
Failure to rally above the $360.00 level could cause the BCH/USD pair to fall back towards the bottom of the rising channel, around the $240.00 level.
Traders should also consider that the near-term profit from BTC/USD, after the cryptocurrency recently hit $12,400, could harm the BCH/USD pair.
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Bitcoin Cash short-term price trend
Bitcoin Cash technical analysis shows that the cryptocurrency only has a bullish short-term bias while the price trades above $320.00.
The four-hour time frame shows that a breakout from a symmetrical triangle pattern has taken place.
According to the size of the range breakout, Bitcoin Cash could rally towards the $350.00 to $360.00 area over the short term.
Any technical pullbacks towards the $320.00 levels from current levels are likely to be seen as a buying opportunity for further short-term upside.
Bitcoin Cash technical summary
Bitcoin Cash technical analysis shows that bulls could be targeting towards the top of a rising price channel, around the $360.00 level.
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