- Bitcoin Cash price was seen holding modest gains of some 1.60%, through the mid-point of Thursday’s session.
- BCH/USD in positive territory, thanks to revival of buying seen across the crypto market.
- Price action has formed quite a large bearish pennant, taking shape from 12th September to date.
The Bitcoin Cash price on Thursday was running with some modest gains of 1.6% through the mid-point of trading on Thursday. Decent buying seen across the crypto market, as has been the case since Wednesday, allowing BCH/USD to remain propped up.
BCH/USD price action has been forming a dangerously large bearish pennant pattern. This has been taking shape since the price stopped falling, after the plummet which was triggered on 4th September, slowing down on 12th.
Technically, large vulnerabilities remain for BCH/USD, given the above-mentioned pattern taking shape and as price action narrows further. Support is seen at $432, in proximity to the 100 & 50MAs (60-minute). Further south, the lower part of the pennant pattern, $413, should that be breached, a fresh wave of selling is likely to come into play. On the flipside, resistance seen at 445-46 a supply area and where the upper part of the pennant tracks.
BCH/USD 60-minute chart
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