Bitcoin Cash technical analysis: BCH/USD price behaviour is appealing to market bears

• Bitcoin Cash price on Tuesday is trading in negative territory by 0.50%.
• BCH/USD price action has done little over the past two weeks, narrowing.  
• Price action like many of its peers has formed a bearish pennant structure.  

Spot rate:                   309.12

Relative change:       -0.50%

High:                          313.07

Low:                           302.93

BCH/USD daily chart

• The price is moving within a narrowing pennant formation via the daily. It appears to be the calm before the storm, given the two weeks of range-bound trading.    

BCH/USD 60-minute chart

• Near-term price action is being supported to the upside by an ascending trend line.