- Bitcoin Cash gives up $1000 area, as the price runs into heavy supply zone.
- Bullish pin bar candlestick has formed, which would suggest a potential short-term reversal of the downside move.
The Bitcoin Cash price is seen down marginally by just shy of 1% in the latter stages of trading on Wednesday, the comes after it ran into troubles within resistance within the early $1000 region, before losing ground quickly.
Within the mentioned psychological area, there is a supply zone which has plagued the bulls over the last few sessions since the 27th May. The resistance runs from $1005 up to $1030, BCH/USD has not been above this zone since 26th May.
Viewing the 30-minute chart, a bullish pin bar candlestick has been formed off the lows of the day at $962, which would indicate of a potential reversal. Given the number of challenges the bulls have made the breakdown the above-mentioned resistance, it would typically be expected for this to weakening, inviting an eventual breakthrough. Support to the downside is seen at the lows of $962 and then $915 (support on the 30-minute chart.
BCH/USD 30-minute chart
Share
