Bitcoin Cash has recovered considerably from the downswing experienced after the $339 peak achieved in August.
At the time of writing, BCH looks towards a potential breakout to $320 or a breakdown that would erase the gains made to $193.
Bitcoin Cash bullish outlook gaining traction
BCH is trading at $259 while holding at the apex of a symmetrical triangle pattern.
This pattern is typical in technical analysis and is created by drawing a line to connect a series of lower highs and another trendline connecting higher lows.
It represents a period of consolidation ahead of a breakout or a breakdown.
In this case, a breakout would elevate Bitcoin Cash to a price target of $320.
An ongoing bullish momentum suggests that a break above the upper trendline is the most probable.
Besides, the Relative Strength Index reinforces the bullish outlook after crossing above the midline.
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