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.
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.
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.
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.
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.
