Bitcoin Cash market overview: BCH/USD pennant pattern break could refresh $300 support area
|- Bitcoin Cash falls victim to Bitcoin instigated declines dropping from $330 to $310.
- The best bet for Bitcoin Cash buyers is to push the price back above the pennant support.
Bearish pressure is intensifying in the cryptocurrency market. Most of the major altcoins are caught up in Bitcoin price action including Bitcoin Cash which is struggling to find support at $310. The declines come after the crypto tried and failed to break $330 resistance.
Tentative support by the 50 Simple Moving Average (SMA) at $320 did little to cushion the drop. At press time, Bitcoin Cash is trading at $313 and is slightly below the 100 Simple Moving Average.
The full stochastic oscillator has dived into the oversold further intensifying the bearish influence. It is likely that Bitcoin Cash will force its way past $310 support as refresh $300 support areas. Especially with the pennant pattern support having been broken.
The best bet for Bitcoin Cash buyers is to push the price back above the pennant support. An additional boost above $320 will allow then to gather strength to attack the hurdle at $330.
BCH/USD 1-hour 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.