Home Bitcoin Cash Price Prediction: BCH/USD shaping up within a bearish pennant pattern to potentially take another dive lower
Crypto News

Bitcoin Cash Price Prediction: BCH/USD shaping up within a bearish pennant pattern to potentially take another dive lower

  • Bitcoin Cash taken a hit again from the market bears, dropping 3% on Tuesday.
  • Bearish pennant pattern eyed for BCH/USD on the 30-minute chart view.

 

The Bitcoin Cash price hit on Tuesday with further losses down almost 3%, failing to make progression after the bounce off the lows on 10th June. A cooling in crypto prices remains evident across the board, with the major altcoins adding to their losses.

BCH/USD price action has become range over the past couple of sessions now, since the heavy bout of selling pressure hit the market. Recent price action has caused a bearish pennant pattern to form, which as going by the textbook, could be subject to a breakout lower.

Support in the near-term seen at $907.50 today’s (Tuesday) lows, which is the lower part of the bearish pennant pattern. A breach would see the demand zone come into play, between, $885-900. Resistance to the upside seen at $933 at the 50MA, $941, 100MA and then $950 the upper part of the pennant. All technical analysis mentioned is looking at the 30-minute chart.

 

BCH/USD 30-minute chart view

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.