- The No. 5 sees a likely dead cat bounce after Saturday’s corrective slide.
- BCH/USD looks vulnerable following a rising wedge breakdown
- The spot is top gainer amongst top 5 favorite crypto coins over the week.
Having hit a daily high at 233.11 early Sunday, Bitcoin Cash (BCH/USD) wiped out the gains and turned negative over the last hour, as the sellers returned across the crypto board. The spot now looks to revisit the daily lows of 216.98, trading modestly flat on the day. The coin is likely to extend the drop and eyes Friday’s low of 189.69, as the technical set up turns in favor of the bears. Despite the latest leg down, the digital asset still remains on track to book a whopping 30% weekly gain. The market capitalization for BCH/USD stands at $4.06 billion.
BCH/USD 15-min chart
No. 5 coin charted a rising wedge breakdown on the 15-minutes chart, exposing it to the pattern target near 190.00.
The price lacks any substantial supports, suggesting that the path of least resistance remains to the downside.
With the breakdown, BCH/USD broke below all the major Simple Moving Averages (SMA) while the Relative Strength Index (RSI) heads towards the oversold conditions.
On the flip side, the bulls need to rise above the 225 level, the confluence of the 21 and 50-bar SMAs, in order to extend the bounce towards the daily highs.
BCH/USD levels to watch