- Bitcoin Cash price knocked back on Friday, nursing losses of 2.5% on the session.
- Price has formed a wedge pattern since breaking the ascending channel, BCH/USD could be vulnerable from further bearish action.
The Bitcoin Cash price was on the back foot on Friday, since retesting in an attempt to break back within an ascending channel pattern. BTC/USD down 2.5% heading into the end of the week, inline with a further cooling observed across the board.
BCH/USD is heading for a negative close on the week now, as of Friday. It has failed to maintain the foundations that were laid in the previous week, for a rebound, after three consecutive weeks of negative closes.
Technically, given the recent breakout to the downside from the rising channel and now with recent price action forming a ascending wedge, BCH/USD does appear vulnerable. The key near-term level to be aware of, seen at $1085 where Friday’s session lows were printed, this is also the lower part of the wedge pattern. A break to the downside, could open up doors for $1050, below demand zone and also lows printed on 5th June. To see some decent bull momentum, the price needs to clear the above wedge at $1170.
BCH/USD 60-minute chart
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