Bitcoin Cash price analysis: BCH/USD has formed another worrying bearish pennant pattern, to potentially extend move lower
- Bitcoin Cash price is moving within a bearish pennant pattern, observed on the daily time frame.
- A breakout of the mentioned pattern could see doors opened to $500 region, last traded November 2017.
The Bitcoin Cash price has again been dominated by the persistence market bears, taking the price down as much as 4% during trading on Thursday. There is little in the way of direct attributors to this move south, more of the crypto market moving in lock-step within this firm trend south.
Bitcoin Cash has been falling steeply since December 2017 highs printed around $4000, every small period of gains seen, look to be sold veraciously by the market bear players. Most recently at the back end of March, the pace lower gathered some pace, after going through the psychological $1000 mark.
Technically, BCH/USD has formed a bearish pennant pattern observed on the daily time frame, support of the lower trend line currently tracking around $625, where the upper resistance is seen at $680. A breakout of the pennant can see the $500 come back into play, traded last here in November 2017.
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.
