- Bitcoin Cash price drops 6% on Monday, as market bulls fail to sustain last week’s rally.
- BCH/USD at jeopardy of giving up the $1000 level again, should the ascending channel be breached.
The Bitcoin Cash price came under renewed selling pressure on Monday, in line with the drop-in prices seen across the cryptocurrency market. The market has failed to maintain the upside seen in the previous week’s trading.
BCH/USD is moving within an ascending channel, the falling price on Monday was caught by the lower trend line of the pattern. Should the channel playout to the textbook, then it wouldn’t be out of the possibility to see a breach to the downside, out of the pattern.
The low of the session is seen at $1082, which where the mentioned trend line tracks of the channel, a break here could expose BCH/USD to some considerable downside. First safety net seen at $1067, 100MA on 60-minute time frame, then eyes would look at below $1000 at $990, 2nd June low. Resistance to the upside is seen at $1130, 50MA and then there isn’t much until $1215, the upper part of the channel pattern.
BCH/USD 60-minute chart
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