- BCH consolidates after a long run up in the bull rally.
- Bullish flag pattern visible, about time to breakout.
Bitcoin Cash, the split cousin of its largest peer Bitcoin, which has had a great run in this recently started bull market, has been consolidating in a channel that has formations of a bullish flag pattern which is on the verge of a breakout.
BCH/USD is up nearly 3 percent on day at $294.862, not far from day’s high and the only coin trading in a more than 5 percent range so far in Sunday trading – sign that the rally today is driven by volumes and higher ranges.
This higher volume and higher range co-inciding with completion of a flag patteren on the daily chart is bullish for the prices and all that the bulls need is to cross past the upper end of the flag – $304 currently. Once broken out, target for this breakout is all the way towards $390.
BCH/USD daily chart: