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Bitcoin Cash price analysis: range breakout finally in play

By Nathan Batchelor

13:29, 3 August 2020

Bitcoin Cash price analysis

Bitcoin Cash staged a major technical breakout last week, following weeks of range bound trading action.

Traders are still fairly cautious, following a major pullback from the $350.00 level over the weekend.

Bitcoin Cash price analysis shows that the range breakout is pointing to further gains towards the $430.00 level.

Bitcoin Cash medium-term price trend

Bitcoin Cash is starting to consolidate around the $300.00 level, following last week’s major range breakout.

The recent breakout in Bitcoin above the $10,000 level is encouraging for BTC bulls.

Bitcoin Cash technical analysis shows that bulls could test towards major trendline resistance towards the $430.00 level.

Bitcoin Cash technical analysis

The daily time frame shows that the BCH/USD pair is trapped inside a huge wedge pattern, between the $430.00 and $150.00 level.

US100

20,702.30 Price
+0.300% 1D Chg, %
Long position overnight fee -0.0241%
Short position overnight fee 0.0019%
Overnight fee time 22:00 (UTC)
Spread 1.8

XRP/USD

1.38 Price
+25.370% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

BTC/USD

98,878.55 Price
+4.750% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Gold

2,683.92 Price
+1.360% 1D Chg, %
Long position overnight fee -0.0175%
Short position overnight fee 0.0093%
Overnight fee time 22:00 (UTC)
Spread 0.30

A breakout above the wedge could provoke a powerful long-term breakout towards the $500.00 level, and the 2019 trading high, around the $650.00 level.

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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 $290.00.

The four-hour time frame shows that a major range breakout has taken place, following last week’s breakout above the $290.00 level.

Bitcoin Cash technical analysis

According to the size of the range breakout, Bitcoin Cash could be headed towards the $350.00 to $360.00 area over the short-term.

Any technical pullbacks towards the $290.00 to $260.00 levels is likely to be seen as a major short-term buying opportunity. 

Bitcoin Cash technical summary

Bitcoin Cash technical analysis shows that bulls could be targeting towards the top of a wedge pattern, around the $430.00 level.

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