Bitcoin Cash Price Analysis: Next potential move for BCH/USD
|- Bitcoin Cash price nursing some chunky losses of over 2.5% on Thursday, pressure seen across the market.
- Despite losses in the session, the price is still within this bullish flag pattern. However, bears are testing the lower support of this.
The Bitcoin Cash price was seen nursing losses just shy of 2.5% in the latter part of Thursday’s session. Prices across the crypto market remained somewhat depressed. Market participants continue to lack given commitment, after an extremely choppy past few weeks
BCH/USD price action as seen on the 60-minute chart view, is moving within a bullish flag pattern. Firmly within consolidation mode, post the aggressive spike higher on 15th October. Should the current formation play out to the textbook, expect an extended move to the upside.
Near-term support is eyed very close to current levels, $447. This is where the lower part of the bullish flag pattern is tracking. A breach will see $427 come into play for support, 12th October low and demand area. Resistance to the upside observed at $461, the upper tracking trend line of the flag.
BCH/USD 4-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.