Bitcoin Cash price analysis: BCH/USD suffers again after attempting to breakout of touted resistance zone
|- BCH/USD giving its early gains back and now down around 5% in late trading on Monday.
- Crypto market wide drop in prices, as investors continue to tread cautiously.
The Bitcoin Cash price is nursing losses of around 5%, after initially starting the session on Monday steady. It has struggled running into resistance within the $1,150 region, here lies a firm descending resistance trend line, that has been in play since last Monday.
Across the crypto market during the session today, much of the major altcoins lost ground across the board, without anything specifically fundamental behind the drops. The case appears to be investors still treading carefully and taking profits.
XMR/USD is trading in proximity to its 100 DMA, at $1,050, just below sees a supporting trend line, tracking at $1,025. Within the 1-hour time frame, a potential head and shoulders pattern can be seen, the left shoulder has been formed, the head is currently on its way to the neckline, which is seen at $967, where the price should also find support.
BCH/USD 1-hour chart
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