Bitcoin Cash (BCH) ranked amongst the top 5 cryptos of the market is yet to experience a proper breakout but is already hinting at a clear bull flag breakout on the daily chart. Although BCH trades below $300 currently, it holds a near-term target of breaching $350, followed by $400, once Bitcoin price experiences a breakout.
Forked out of the latter, Bitcoin Cash held a flattish trend until the 2nd week of the previous month when it reclaimed a high above $330 but failed to have a persistent trade and dipped to trade below $300.
However, at the onset of the year, BCH coin had marked a fresh YTD high close to $500 at $498 in February 2020, just a month before it tested support as low as $135. However, if compared, the coin has grown over 100% in 5 months now but holds the capability of drawing 3x returns.
Bitcoin Cash, at the time of penning down this analysis, was trading at $296 with a slight bullish flag breakout pattern. The bullish candlestick, therefore, breached the upper 20-day Bollinger Band, but the bearish sentiment in the intraday is drawing a negative crossover. The coin holds support from SMA50 and SMA200 around $263 & $268; however, the major support and resistance to watch out for Bitcoin Cash lie at $270 and $330, respectively.
The 20-day Bollinger Bands appear squeezing gradually as we project an extended breakout soon, confirmed by the bullish flag candlestick breakout on the daily chart. The MACD chart holds a bearish divergence with no steady intraday traction. The RSI of BCH is seen holding no trading extremities at 53.66.
