Bitcoin Cash Price Analysis: BCH/USD bears smash out from a rising channel pattern
- Bitcoin Cash price down over 2% on Wednesday, falling out from rising channel pattern.
- Roger Ver comments on the back of Elon Musk recent tweets on Bitcoin, saying “I know Musk is into cryptocurrencies and I hope he knows that Bitcoin Cash is the real Bitcoin.”
The Bitcoin Cash price was seen down over 2% well into the session on Wednesday. Resuming the selling pressure that was started on Monday, before catching a relief bounce on Tuesday. The price is set to test the key psychological $400 mark to the downside.
Following the sharp move lower on Monday, where the price had dropped around 6.5% in the session. Since, BCH/USD has been in consolidation mode, sideways trading. This recent price behavior has formed a rising channel formation, which has been breached.
In terms of news flow, a large advocate of Bitcoin Cash, Roger Ver, was recently discussing companies that have adopted Bitcoin Cash. He noted that Key Motors, a car dealership in Australia, is now accepting Bitcoin Cash payments. Elsewhere, he commented on the back of Elon Musk sharing his view recently on Bitcoin via Twitter, and Roger Ver said, “I know Musk is into cryptocurrencies and I hope he knows that Bitcoin Cash is the real Bitcoin.”
Technically, given the price formation of BCH/USD via the 60-miunte chart view, it does demonstrate further vulnerabilities to the downside. Next area of demand is seen at $408 area, 17th - 19th September low area.
BCH/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.
