Bitcoin Cash (BCH/USD) gains a whopping 45% in just over a week, eyes on $600 and beyond

Bitcoin Cash profit taking observed, as price drops around 2.8% in the session on Monday.
Despite the cooling from highs on Sunday, price action for BCH/USD has formed a bullish pennant pattern.

Ken Chigbo Independent Analyst

The Bitcoin Cash price cooled on Monday, seen nursing losses of 2.8% in the later stages of trading. It appears to be touted profit taking, after the chunky run observed during Sunday’s session. BCH/USD had gains over 20% over the course of that day.

This current run observed for Bitcoin Cash, is thanks to anticipation of the Bitcoin Cash hard fork next week. There were confirmations from the likes of Bitcoin.com and Binance, that both would be supporting the hard fork.

Given the cooling from the highs on Sunday, the price is moving within consolidation mode. BCH/USD has managed to gradually form a bullish pennant pattern, which is seen within several of its peers. This behaviour does suggest another breakout is near, if that being the case, eyes will be on a convincing move back above $600. Support in the near-term should be noted at $540 area.

BCHU/USD 60-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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