- Bitcoin Cash falls victim to Bitcoin instigated declines dropping from $330 to $310.
- The best bet for Bitcoin Cash buyers is to push the price back above the pennant support.
Bearish pressure is intensifying in the cryptocurrency market. Most of the major altcoins are caught up in Bitcoin price action including Bitcoin Cash which is struggling to find support at $310. The declines come after the crypto tried and failed to break $330 resistance.
Tentative support by the 50 Simple Moving Average (SMA) at $320 did little to cushion the drop. At press time, Bitcoin Cash is trading at $313 and is slightly below the 100 Simple Moving Average.
The full stochastic oscillator has dived into the oversold further intensifying the bearish influence. It is likely that Bitcoin Cash will force its way past $310 support as refresh $300 support areas. Especially with the pennant pattern support having been broken.
The best bet for Bitcoin Cash buyers is to push the price back above the pennant support. An additional boost above $320 will allow then to gather strength to attack the hurdle at $330.
BCH/USD 1-hour chart
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