Bitcoin Cash price analysis: BCH/USD approaching neckline of daily head and shoulders formation

Head and shoulders formation seen on the daily time frame.
Key levels to watch, $850 neckline of H&S chart pattern.

Ken Chigbo Independent Analyst

The Bitcoin Cash price has been under much pressure through Friday’s session, set to close the week negative, after straight losses all week. The price first ran into trouble on Monday, around a known area of resistance, within $1300 region. Since hitting this barrier, like much of the other key altcoin being knocked back by strong resistance zones, the price continued to fall.

BCH/USD in late trading on Friday is moving closer to the neckline of a head and shoulders formation, seen on the daily time frame. The left shoulder and head have been formed, with the neckline seen at $850, a key area worth keeping an eye on.

Technically, BCH/USD momentum is still to the downside, should there be a break of the $850 level, it could really expose some mass selling, seeing market potentially back towards the pre bull run levels in 2017, $300 in an extreme case.

BCH/USD daily 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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