Bitcoin Cash price analysis: bulls may target $280.00 level
Bitcoin Cash price analysis shows that price is trapped between the $200.00 to $280.00 price range. Once the established range is broken a large directional move may take place.
0'>Bitcoin Cash is trapped within a narrow price range as BCH/USD traders remain cautious ahead of the upcoming Bitcoin halving event.
Bitcoin Cash price analysis shows that buyers need to force a breakout above the $280.00 level to encourage technical buying.
Bitcoin Cash medium-term price trend
Bitcoin Cash is searching for direction ahead of the upcoming Bitcoin halving event, as price remains capped below the cryptocurrency’s 200-day moving average.
Bitcoin Cash technical analysis shows that bulls need to hold price above $270.00 to encourage technical buying.
The $270.00 level is the location of the BCH/USD pair’s 200-day moving average, and is a key area bulls need to break through.
The daily time frame shows that the neckline of a large head-and-shoulders pattern, around the $300.00 level, is the likely bullish target if a breakout above the $270.00 level occurs.
It is noteworthy that the mentioned head-and-shoulders pattern on the daily time frame has yet to reach its wider bearish target of $100.00.
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Once above $300.00, the $330.00 level offers the strongest form of technical resistance, before the March 6, 2020 swing high, around the $355.00 level.
Bitcoin Cash short-term price trend
0'>Bitcoin Cash technical analysis shows that the cryptocurrency is bullish over the short term, while price trades above the $240.00 level.
The four-hour time frame continues to show that a head-and-shoulders pattern is still in play.
Sellers need to move price below $200.00 to activate the bearish pattern, which holds a $80.00 downside projection.
If bulls invalidate the pattern and move price above the head of the pattern, to around the $280.00 level, the pattern would be invalidated and we could then see the BCH/USD pair rallying towards the $360.00 area.
Bitcoin Cash technical summary
Bitcoin Cash technical analysis highlights that bulls need to move price above the $270.00-$280.00 technical area to force a major breakout. The $330.00 and $350.00 levels are seen as possible upside targets.