Bitcoin Cash Shows Bullish Bias, Holds Ground At $205

Bitcoin cash shows bullish short-term and medium-term trading bias, holding its ground at $205 as per the latest Bitcoin cash news and updates. The four-hour time frame shows that a bullish inverted head and shoulders pattern is in the making.

The cryptocurrency could even start to go towards the $280 level. Bitcoin cash shows bullish bias as it continues to strengthen above the technically important $200 level. The technical analysis shows that if the bulls manage to rally the crypto above the $225 level, the BCH/USD pair could continue its advance towards the $280 level. The BCH/USD pair staged a strong recovery from December and gained more than 25 percent since December 18.

Bitcoin cash aimed to close December flat with a gain of 35 percent. The four-hour time frame shows that the BCH/USD pair has turned bullish which is a first since mid-November and a bullish inverted head and shoulders pattern will form if the bulls carry the price to the $225 level. The size of the pattern suggests that the BCH/USD pair could rally towards the $270 level if the bulls ignite the bullish pattern. The daily time frame shows that the medium-term analysis is well aligned with some major trendline resistance standing at the $225 level.

Looking at the daily time frame, the BCH/USD pair’s 200-day moving average offers dual resistance around the $280 level and the technical indicators are also pretty bullish over the medium-term with the Relative Strenght Index showing a strong buying signal. The four-hour time frame shows a key technical resistance forming at $215 and $225 but also the key technical resistance over the medium-term is located at $270 and $280.

The four-hour time frame shows that the BCH/USD pair has a very strong long-term technical support around the $190 and $200 levels. Staging a reversal from the current levels and sustained weakness under the $170 level will only expose the BCH/USD pair to additional losses to the $150 level. Bitcoin Cash staged an impressive reversal from the worst level of December and the bulls are now eyeing the $225 level. This level could confirm a major upside rally towards the $270 to $280 technical region.