Bitcoin Cash (BCH/USD) gains a whopping 45% in just over a week, eyes on $600 and beyond
|- Bitcoin Cash profit taking observed, as price drops around 2.8% in the session on Monday.
- Despite the cooling from highs on Sunday, price action for BCH/USD has formed a bullish pennant pattern.
The Bitcoin Cash price cooled on Monday, seen nursing losses of 2.8% in the later stages of trading. It appears to be touted profit taking, after the chunky run observed during Sunday’s session. BCH/USD had gains over 20% over the course of that day.
This current run observed for Bitcoin Cash, is thanks to anticipation of the Bitcoin Cash hard fork next week. There were confirmations from the likes of Bitcoin.com and Binance, that both would be supporting the hard fork.
Given the cooling from the highs on Sunday, the price is moving within consolidation mode. BCH/USD has managed to gradually form a bullish pennant pattern, which is seen within several of its peers. This behaviour does suggest another breakout is near, if that being the case, eyes will be on a convincing move back above $600. Support in the near-term should be noted at $540 area.
BCHU/USD 60-minute chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.