Bitcoin Cash Price Analysis: BCH/USD if the short-term bulls fail to fulfil the bullish set up seen and break $780, then the bears could send the price on the highway to hell
|- Bitcoin Cash holding modest gains of 1.5% on Monday, however a bullish set up is for the taking, but could be damaging if not fulfilled.
- A bull flag pattern is seen on the 30-minute chart, upper resistance at $780, support at $732.
The Bitcoin Cash price is seen holding modest gains on Monday of 1.5%, after the heavy sell-off encountered from Friday until Sunday, across the crypto market. BCH/USD appears lined up for a bullish move within the short-term, given the eyed bull flag.
BCH/USD has dropped almost 30% from Friday to Sunday, moving from a high at the time just above the $900 area, down to lows seen on Sunday 24th at around $660. The price managed to receive decent demand around this area.
Technically a near-term bullish set up is seen, upper trend line is currently resisting at $780, the underlying support is tracking at $731, which completes see the formation of a bull flag on the 30-minute chart.
BCH/USD 30-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.