- BCH / USD off highs, but bullish bias intact.
- No. Coin 6 sees a symmetrical triangle breakout on the hourly chart.
- The 200-HMA will likely be tested in the short term.
Bitcoin Cash (BCH / USD) caught a new wave of supply in early trades on Sunday and rose to $ 273.02 before reversing to the $ 270 levels, where it is now faltering.
Despite the slight pullback from daily highs, the spot is trading nearly 1% more on a daily basis, boasting a market cap of $ 5.08 billion.
The bulls are gaining momentum for the next up push, especially following a symmetrical triangle breakout confirmed on the hourly chart after the coin has closed above the resistance to the downside of the trendline (model), then located at $ 271.30.
Buyers are now aiming for the model target at $ 290. Ahead of that level, the 200 hour simple moving average (HMA) at $ 277 will be the level to beat for BCH bulls.
Alternatively, a critical support group at $ 270 should cushion the decline. This level is the confluence of the pattern resistance now turned to support, 21 and 100-HMA.
A breakout below which the next support at $ 269 will be tested. Friday’s low of $ 266.10 will be next on the sellers’ radar.