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  • BCH breaks out on the medium term.
  • Good enough upside potential ahead.

Bitcoin Cash, the ambitious split cousin of the largest cryptocurrency Bitcoin, has given a breakout on the medium term chart, a breather for the bulls who have been scrambling to get hold of the prices for a long time.

BCH/USD is up nearly 5 percent on day, biggest gainer of the day among major cryptocurrencies. On the daily chart, BCH  manages to breakouyt of a falling wedge drawn from its September highs, although confirmation of this breakout would be once it manages to cross past $525-540 range and sustain it.

Target for this breakout is placed around $650 – about 30 percent from the current price and exactly where it has to cross past and sustain the momentum for a longer term breakout.

BCH/USD daily chart: