Bitcoin Cash technical analysis: BCH/USD remains within large bearish pennant structure

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  • Bitcoin Cash price is trading in the red, down over 4.60% the session on Thursday.
  • BCH/USD price action is moving within a large daily pennant pattern, subject to a breakout
  • The price has also formed an ascending channel formation, which could be capitalized on by the bears. 

Spot rate:                  294.03

Relative change:      -4.60%

High:                         310.14

Low:                          309.04

 

BCH/USD daily chart

  • Price action is moving within a large daily pennant pattern formation, expressing potential vulnerabilities to the downside. 

BCH/USD 60-minute chart

  • The price is moving within a bearish pennant formation, as the price consolidates from steep fall in the session. 

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