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BCH/USD Triangle Breakout Targets $325 Resistance

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BCH/USD Triangle Breakout Targets $325 Resistance
  • Bitcoin Cash struggling to stay above $300; upside capped under $325.
  • Bitcoin Cash is approaching a symmetrical triangle breakout.

Bitcoin Cash bears have been putting intense pressure on $300 tentative support. This follows a failed attempt to clear the resistance at $325. The inclination to the bearish is boosted by the bearish pressure across the market.

The price is flirting $306 at press time. The upside is limited by the 50% Fib retracement level taken between the last swing high of $318.53 to a swing low of $288.41. Marginally above the Fibonacci is a congestion of sellers at the 50 Simple Moving Average (SMA) and the 100 SMA currently at $307.98.
In spite of the selling pressure, Bitcoin Cash is approaching a symmetrical triangle breakout. The boost from the triangle will place BCH in a trajectory towards $325. Similarly, the stochastic shows buyers having an upper hand in the current session.

BCH/USD 1-hour chart

Image Sourced from Pixabay

Posted-In: Bitcoin crypto marketCryptocurrency News Eurozone Forex Markets General

 

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