- Bitcoin Cash rallied over 6.5% in just 1-hour during afternoon trading on Tuesday.
- BCH/USD manages to push back above and within an ascending channel pattern.
The Bitcoin Cash price rallied over 6.5% within an hour, pushing back above an ascending channel, which it has crashed out of during Monday’s session. It is worth noting that with this recent jump seen, the RSI on the 30-minute time frame, is very close to over-bought territory.
BCH/USD has been moving at quite some pace to the upside, within the above-mentioned ascending channel, this had been the case running back from 29th May. The price had initially gained just shy of 40%, printing highs on 4th June at $1215, before re-entering a bear market.
Given the re-breakthrough of the ascending channel, this pattern could go on to support BCH/USD again in its movement to the upside. Resistance is immediately seen on the 30-minute view at $1155, then 4th June highs at $1215, further north $1270, the upper part of the channel pattern. Support eyed at $1105, the lower trend line of the ascending channel.
BCH/USD 30-minute chart
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