Bitcoin Cash price analysis: BCH/USD gives up $1000 mark again, key trend line at big threat of breach
|- Bitcoin Cash hit hard on Monday, down over 7%, as the price firmly moves below $1000.
- Head and shoulders pattern neckline is watch closely, $780 the significant area in the near-term.
The Bitcoin Cash price hit hard at the start of the trading week, dropping 7% on Monday, as the crypto market wide selling pressure continues. BCH/USD gave up the psychological $1000 level again.
In the firm breakdown of $1000, the bearish momentum has managed to tear down some near-term hope of support at $950. The current pressure opens up doors for a test of $780, which holds much significance technically, as it forms a head and shoulders pattern.
Technically, the above-mentioned pattern has been taking shape since August 2017. As BCH/USD is moving to the downside, the head and shoulders neckline is under threat, a break below could open up the flood gates to much selling. Should the breach occur, targets worth noting would be; $600, $435 an then $300.
BCH/USD daily chart
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