According to the price analysis by Johan Tomasson, a senior analysist at dagx.live crypto trading platform, Bitcoin Cash (BCH) has been among the top performers for the second successive week. Market participants cheered the news that Bitman’s co-founder had dismissed all the roles of fellow co-founder Micree Ketuan Zhan.
The pullback in the past two weeks has carried the BCH/USD pair to the neckline of the head and shoulders pattern. This is a critical level to watch out for because if the bulls can push the price above it, a rally to $360 is possible. The pair will pick up momentum if the bulls can scale above $360.
The 20-week EMA is flattening out and the RSI has risen to the center. This suggests that the bulls are making a comeback. Tomasson’s view will be invalidated if the price turns down from the neckline and breaks below the first support at $241.85. A break below $203.36 will resume the downtrend.