Bitcoin Cash price analysis: range bound trading conditions persist
Bitcoin Cash price analysis shows that price is trapped within a large horizontal price channel. Watch out for a $75.00 move once the BCH/USD pair breaks from its established range.
Bitcoin Cash is still contained within a broad trading range, as buyers and sellers continue to do battle for medium-term control of the cryptocurrency.
Bitcoin Cash price analysis shows that a major directional move is likely to take place once the $205.00 to $280.00 price range is broken.
Bitcoin Cash medium-term price trend
Bitcoin Cash continues to lack a clear direction bias, after the cryptocurrency lost upside traction after its halving event last month.
Bitcoin Cash technical analysis shows that the $350.00 level is likely to come into focus if the $280.00 resistance level is breached.
The daily time frame shows that the BCH/USD pair is currently trapped within a large symmetrical triangle pattern.
Currently the top of the triangle pattern is located around the $350.00 level. This remains a potential upside target if the $280.00 level is breached.
To the downside, the bottom of the triangle pattern is located around the $155.00 level. If bears break the $205.00 level, then price could test the $155.00 support level.
Bitcoin Cash short-term price trend
Bitcoin Cash technical analysis shows that the cryptocurrency is bearish while price trades below the $233.00 level.
The four-hour time frame shows that the BCH/USD pair is trapped within a horizontal price channel.
According to the size of the horizontal price channel, the BCH/USD pair could stage a $75.00 directional move once the $205.00 to $280.00 price range is breached.
Conservative traders may wait for a confirmed break from the horizontal price range, in anticipation of a large directional move.
Bitcoin Cash technical summary
Bitcoin Cash technical analysis highlights that range bound trading persists. The bigger picture shows that the BCH/USD pair is working within a large symmetrical triangle pattern.