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.
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.
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.
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.
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