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Bitcoin Cash price analysis: BCH/USD inching closer to flag pattern breakout

FX Street
Updated:
  • Bitcoin recovers from the shallow dive under $220 support but headway towards $230 still hampered.
  • The impending breakout above the flag pattern could elevate Bitcoin Cash past $230.

Bitcoin Cash is intentional with this current bullish momentum. The price has been able to sustain above the short-term ascending channel despite testing it twice. The brief deep under $220 support saw Bitcoin Cash make a comeback above $225. Bitcoin is trading at $226.14 following a 1.3% increase in value on the day.

Its immediate upside is capped under the 100 Simple Moving Average (SMA). Glancing further up, Bitcoin Cash is moving closer to a flag pattern breakout. The Relative Strength Index (RSI) is also moving higher above the average. Continued traction towards the overbought is likely to stir growth in value with Bitcoin Cash stepping above $230.

The trend was seen with the Moving Average Convergence Divergence (MACD). The indicator almost crossing above the zero line. Besides, correction above the 100 SMA would give BCH a boost to face the hurdle at $230.

BCH/USD one-hour chart

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