Bitcoin Cash price analysis: range top may be tested
21:42, 8 July 2020
Bitcoin Cash is pressing higher alongside the broader cryptocurrency market, after sellers failed to breach key technical support last week.
Bitcoin Cash price analysis shows that bulls could start to test towards the top of the BCH/USD pair’s established trading range, around the $280 level.
Bitcoin Cash medium-term price trend
Bitcoin Cash is starting to follow Bitcoin and a number of top coins higher, following an impressive early-week rally.
Bitcoin Cash technical analysis shows that bulls need to rally the price above $270.00 in order for the cryptocurrency to turn technically bullish.
The BCH/USD pair may test towards the top of its established trading trange, around the $280 level, if the 200-day moving average is breached.
According to the size of the potential range break, medium-term bulls could test towards the $360 resistance zone.
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Bitcoin Cash short-term price trend
Bitcoin Cash technical analysis shows that the cryptocurrency has a bullish short-term bias while the price trades above $235.
The four-hour time frame shows that a bullish reversal pattern is starting to form, following the strong technical bounce from the $205 level.
According to the size of the inverted head-and-shoulders pattern, the BCH/USD pair could recover back towards the $280 level.
Traders should note that short and medium-term analysis is starting to align and is pointing towards an important technical test of the key $280 level.
Bitcoin Cash technical summary
Bitcoin Cash technical analysis indicates that a rally towards the top of the cryptocurrency’s trading range, around the $280 level, may be unfolding.