Bitcoin Cash price approaches $260: ascending triangle next?

Friday 05 June 2020, 12:41 PM AEST - 3 months ago

Bitcoin Cash Featured ImageBitcoin Cash price approaches $260: ascending triangle next? 19

The Bitcoin Cash price line rose across the $260 level on the 4th of June, while the trading pair exhibited a brief fall towards the $248 level, after which it climbed back across the $258 level. The cryptocurrency traded within a days range of $247.32 — $261.30.

1-Day Bitcoin Cash price analysis (4th June)

At the beginning of the 4th of June, the BCHUSD pair showed a sharp rise across the $260 level, where it saw a days high of $261.30 US Dollars. The cryptocurrency exhibited a disheveled set of price movements throughout the rest of the day, while it traded at $255.97 US Dollars at the time of writing.

Bitcoin Cash: ascending triangle pattern?

Alexander_Harford is a TradingView analyst who believes that the BTC/USD pair may rise slightly on the charts.

The analyst has highlighted three pullbacks from the resistance line at $270. This means that the $270 resistance is strong, and a breakout does not seem too reliable at the moment; hence the trading pair may look into forming an ascending triangle pattern.

As per the idea, the cryptocurrency rose across the $260 level on the 4th of June, which means that Harfords idea is in play, and BCH is looking to form an ascending triangle.

Bitcoin Cash: whats next?

kyer is another TradingView analyst who discussed that BCHUSD recently touched the $267 price target as per one of the analysts previous ideas.

The analyst suggests that Bitcoin Cash will look towards a retouch of the $267.6 price target, while the two sell targets that were highlighted by kyer are $267.6 and $305. The analyst added that there would be tight stop losses in this trade.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

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