THELOGICALINDIAN - Bitcoin Cash bent axis bullish as the year comes to a close
Bitcoin Cash is assuming bullish bent as the fifth-largest cryptocurrency continues to close aloft the technically important $200 level.
Technical assay highlights that if beasts can assemblage the cryptocurrency aloft the $225 level, again the BCH/USD brace could abide its beforehand appear the $280 level.The BCH/USD brace has staged a able accretion from the affliction levels of the month, with the cryptocurrency accepting over 25% back Dec. 18.
At accepted levels, Bitcoin Cash looks to abutting the ages of December basically flat, although it will accomplishment 2024 with a accretion of aloof beneath 35%.
The four-hour time anatomy shows that the BCH/USD brace has angry technically bullish for the aboriginal time back mid-November. Furthermore, a bullish astern arch and amateur arrangement will anatomy if beasts can assemblage amount appear the $225 level.
The admeasurement of the arrangement suggests that the BCH/USD could assemblage appear the $270 akin if beasts burn the bullish pattern. The circadian time anatomy shows that abbreviate and medium-term assay is adjustment well, with above trendline attrition amid about the $225.
Looking added carefully at the circadian time frame, above upsloping trendline resistance, and the BCH/USD pair’s 200-day affective average, is alms bifold attrition about the $280 level. Technical indicators are additionally axis bullish over the medium-term, with the Relative Strength Index now alms a able buy signal.
Upside Potential
The four-hour time anatomy shows that key abstruse attrition is now amid at the $215 and $225 levels. Key abstruse attrition over the medium-term is amid at the $270 and $280 levels.
Downside Potential
The four-hour time anatomy is assuming that the BCH/USD brace has able abiding abstruse abutment about the $200 and $190 levels.
A changeabout from accepted levels and abiding weakness beneath the $170 akin will leave the BCH/USD brace apparent to added losses appear the $150 level.
Summary
Bitcoin banknote has staged an absorbing changeabout from the affliction levels of December, with beasts now targeting the $225 level. Overall, a blemish aloft the $225 akin should affirm a above upside assemblage appear the $270 to $280 abstruse region.
