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Bitcoin Cash price approaches $260: ascending triangle next?

4y ago
bullish:

1

bearish:

0

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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 day’s range of $247.32 — $261.30.

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

Bitcoin Cash Price ChartBitcoin Cash Price Chart by Trading View

At the beginning of the 4th of June, the BCHUSD pair showed a sharp rise across the $260 level, where it saw a day’s 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.

Bitcoin Cash Featured Price ChartBitcoin Cash Price Chart by Trading View

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

Bitcoin Cash: what’s next?

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

Bitcoin Cash Featured Price ChartBitcoin Cash Price Chart by Trading View

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.

4y ago
bullish:

1

bearish:

0

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