- Bitcoin Cash nursing losses of 1%, however price action has formed a bullish pennant pattern.
- BCH/USD is once again heading for another weekly loss, this would mark the 4th straight in negative territory.
The Bitcoin Cash price seen down 1 % on Friday, as the price continues to consolidate after the big surge higher seen on Tuesday. Current price action has been forming a bullish pennant pattern, which does looking subject to a breakout to the upside.
BCH/USD is heading for another week closing in negative territory, which would mark it a fourth consecutive in the red. A breakout of the mentioned pattern and clearance of the resistance seen within the early $1000 area, could help save Bitcoin Cash from another weekly loss.
Immediate resistance as mentioned above is seen running from $1005 to $1030, this is where a heavy supply zone sits. If the bulls can push for a squeeze above, there may not be much in the way until $1200. Support is seen at the lower trend line of the pennant, also in proximity to the 100MA on the 60-minute chart.
BCH/USD 60-minute chart
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