FX.co ★ Bitcoin Cash: bullish pattern

Bitcoin Cash ended its sell-off and now it has turned to the upside again. It's located at 214.05 at the time of writing and it seems poised to come back higher. The altcoin increased, even though BTC/USD dropped.

The altcoin increased by 6.79% from yesterday's low of 201.94 to 215.65 today's high. BCH/USD is up by 1.13% in the last 24 hours and is down by 2.49% in the last 7 days.

BCH/USD Flag Pattern!

As you can see on the H4 chart, BCH/USD found support on the 61.8% (182.23) after escaping from a major down channel. Now, it has jumped and stabilized above the monthly pivot point (207.01).

The price also escaped from a minor flag pattern signaling that the retreat could be over and that the buyers could take the lead.

BCH/USD Outlook!

Breaking above the flag's resistance and jumping above the 0.50% (210.48) signaled an upwards movement. The 228.46 former high represents a first upside target. Taking out this obstacle validates a larger growth.