RATE Group | BCH/USD rising wedge pattern spotted
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BCH/USD rising wedge pattern spotted

05 Aug BCH/USD rising wedge pattern spotted

Posted at 09:11h in Bitcoin News by

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  • Bitcoin battled to hold on to the 2.1% gains on the day.
  • Rising wedge pattern to launch Bitcoin Cash towards $400.

The weekend sessions showed love for the cryptocurrency market. The hibernating bulls made a swing to the upside recording impressive gains across the board. Bitcoin Cash did not lag as it soared to August new highs.

The hourly chart shows $300 level in the rear view as BCH scales the levels above $340. A high formed at $350 before retracement took effect. At press time, Bitcoin Cash is trading at $343 while holding onto the 2.1% gains on the day.

Glancing ahead, Bitcoin Cash is approaching the rising wedge pattern breakout. Trading above the pattern resistance could boost Bitcoin Cash towards $400. Moreover, Bitcoin Cash is strongly supported initially by the 50 Simple Moving Average (SMA) 1-hour chart currently at $333.62. The next support target is the 100 SMA 1-hour holding ground at $332.60.

The primary support holds ground at $320 while…

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