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    Bitcoin Cash price analysis: upside breakout nearing

    By Nathan Batchelor

    14:53, 5 June 2020

    Bitcoin Cash price analysis

    Bitcoin Cash is starting to move towards the top of its established price range, as bullish tones spread through the cryptocurrency market.

    Bitcoin Cash price analysis shows that gains above the $280.00 level could provoke a major upside rally in the BCH/USD pair.

    Bitcoin Cash medium-term price trend

    Bitcoin Cash could finally be preparing to breakout to the upside, as the BCH/USD pair edges towards the top of its recent price range.

    Due to its strong correlation with Bitcoin, a breakout rally above the $10,500 level in the BTC/USD pair could propel Bitcoin Cash towards a fresh 2020 trading high.

    Bitcoin Cash technical analysis shows that the $350.00 level is likely to be a bullish target if the $280.00 resistance level is overcome.

    Bitcoin Cash technical analysis

    The daily time frame shows that the BCH/USD pair’s 200-day moving average, around the $265.00 level, is the first technical bulls need to overcome.

    One above the $265.00 and $280.00 level then the BCH/USD pair is likely to test the top of a symmetrical triangle pattern, around the $350.00 level.

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    BTC/USD

    66,277.00 Price
    -0.270% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 106.00

    XRP/USD

    0.54 Price
    -2.730% 1D Chg, %
    Long position overnight fee -0.0753%
    Short position overnight fee 0.0069%
    Overnight fee time 21:00 (UTC)
    Spread 0.01168

    ETH/USD

    3,258.37 Price
    +1.340% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 6.00

    Gold

    2,320.59 Price
    -0.120% 1D Chg, %
    Long position overnight fee -0.0193%
    Short position overnight fee 0.0111%
    Overnight fee time 21:00 (UTC)
    Spread 0.40

    Bitcoin Cash short-term price trend

    Bitcoin Cash technical analysis shows that the cryptocurrency is bullish while price trades below the $242.00 level.

    The four-hour time frame continues to highlight that the BCH/USD pair is trapped within a horizontal price channel.

    Bitcoin Cash technical analysis

    Looking more closely at the horizontal price channel, the BCH/USD pair could rally towards the $355.00 level if bulls move price above the top of the channel, around the $280.00 level.

    Traders should note that technical breakouts from horizontal price channels often signal major trend reversals or changes.

     Bitcoin Cash technical summary

    Bitcoin Cash technical analysis indicates that bulls may be preparing to attack towards the top of a horizontal price channel, around the $280.00 level. Gains towards the $350.00 area appear likely if a breakout takes place.

    Markets in this article

    BCH/USD
    Bitcoin Cash / USD
    498.20 USD
    -12.7 -2.500%

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