Bitcoin Cash price analsyis: Continues to drift lower and below $1,000 in the channel, near term bottom formation likely
|- BCH continues to head lower, in three-digit.
- Internals suggest short term bottom may be around.
Bitcoin Cash, smaller cousin of its namesake and the largest crypto Bitcoin, continues to drift lower in a channel like formation and is down for a third straight day even as short term bottom formation looks likely after a quick look at short term charts.
BCH/USD is down 2 percent on day at $985, well below psychologically important mark $1,000. On the 180-minute chart, this crypto has been continuing to trade under the trendline resistance line that has acted as a stiff pressure on the prices ever since it's May high and still holds on below it.
On the lower end BCH faces support from a trenline support which is other end of the channel. For bulls, they might want to defend recent lows of $945, which if held, could result in near term double bottom formation just when RSI too is entering oversold zone.
BCH/USD 180-minute chart:
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