The post BCH Price Eyes Triangle Breakout, Ready For A 25% Bull Run appeared first on Coinpedia Fintech News
With the recent jump in Bitcoin as the miners are refusing to sell, the Bitcoin Cash price finds this news as a bullish catalyst. As Bitcoin prepares for a sharp uptrend with the recent jump to $45K, the BCH price trend teases a triangle breakout to enter a hypersonic uptrend.
As the altcoin comes back with a punch, history showcases Bitcoin Cash is a better performer on the technical charts than Bitcoin. With such potential and increasing anticipations of a bull run, the BCH price prediction projects a bull run beyond $500 in $200.
Source – Tradingview
Following the drop to the $150 zone, the constant struggle to regain the uptrend momentum leads to a higher low formation in BCH price. However, the strong supply zone present above the $260 barrier offers a quick reversal that drops the altcoin to the ascending trendline.
Further, the Bitcoin Cash price manages to sustain dominance over the 200-day EMA and keeps the bullish trend in motion. The recent recovery from the support trendline comes as a new sprout in the triangle that may shortly challenge the overhead ceiling.
Currently, the BCH price trades at $247.49 with an intraday jump of 1.19% following last night’s jump of 1.68%. Over the past three days, the altcoins formed a triple white soldier pattern and accounted for a jump of 5.16%.
Technical indicators:
RSI Indicator: The daily RSI line shows a resurfacing move above the halfway line after a long streak of sideways trend. Hence, the rising momentum supports the bullish recovery.
Will BCH Price Reach $350?
The price of Bitcoin is ready to skyrocket in the coming days with the growing anticipations of the Halving event. This is expected to have a positive impact on the coins connected to Bitcoin, like Bitcoin Cash, Ordinals, etc.
Further, with the altcoin season coming sooner than anticipated, the altcoins can outperform Bitcoin. In such a case, the BCH price can easily break above the ascending triangle and cross the $300 mark.
On the flip side, Bitcoin Cash can revert to the support trendline.