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  • Bitcoin Cash price on Friday had much wind behind the bull move, as the price ran towards the $500 mark.
  • BCH/USD bulls’ legs got very much shaky heading back into $500 territory, as it failed to sustain heights.

 

The Bitcoin Cash price saw strong gains on Friday, jumping as much as 6%, as the crypto market retains strong upside momentum across the board. BTC/USD lost some ground heading back into the $500 territory, falling just short, seeing selling swoop in.    

BTC/USD price action had formed a bearish pennant pattern, which looked set for a breakout to the downside, given the narrowing of price action. However, given the unexpected life being kicked back into the crypto market, the odds which were stacked in favor of the bears, were defied.  

Technically, given the recent failure of the rather large bearish pennant set up seen for BCH/USD, this puts the ball back in the bulls’ court. The price showed much instability around the session highs, heading back within reaching distance of the $500 mark. An area where the price crashed lower on 10th September by some 15%, down to $410. Immediate support is seen around $480-475, should this fail to hold then $450 will be eyed, otherwise it could be a quick fall back down towards $400.

 

BCH/USD 60-minute chart