FX.co ★ Bitcoin Cash: upside continuation pattern

Bitcoin Cash rallied in the short as BTC/USD registered a strong leg higher. The altcoin is located at 125.19 at the time of writing and it seems determined to resume its growth despite temporary retreats or consolidations.

BCH/USD is up by 16.49% in the last 7 days and only by 0.65% in the last 24 hours. If Bitcoin resumes its growth, the altcoin could approach and reach new highs as well.

BCH/USD In The Buyers Territory!

Technically, BCH/USD has managed to stabilize above the median line (ml) of the ascending pitchfork and above the 119.55 former high. These represented an upside obstacle, so the price action signaled strong buyers.

Now, it has developed a triangle pattern. 127.46 stands as a static resistance. As long as it stays above the median line (ml), the bias is bullish.

BCH/USD Outlook!

An upside breakout from the current triangle and above 127.46 signals an upside continuation. Dropping below 119.55 may announce a larger drop.