Bitcoin Cash Price Analysis: BCH/USD looks to drop below the pennant formation, following bearish price action

BCH/USD bears stepped in after two straight bullish days.
The Elliott Oscillator has had a red session, following two consecutive green sessions.
BCH/USD has three strong resistance levels at $258.55, $265 and SMA 200.

Rajarshi Mitra Independent Analyst

BCH/USD daily chart

BCH/USD dropped from $255.50 to $253.86 following two bullish days as the price sits looks to drop below the pennant structure. The 20-day Bollinger jaw has widened, which indicates increasing price volatility. The MACD shows that the market momentum is about to reverse from bullish to bearish. Finally, the Elliott Oscillator has had a red session, following two straight green sessions.

Support and Resistance

BCH/USD has three strong resistance levels at $258.55, $265 and SMA 200. On the downside, there are three healthy support levels at SMA 50, SMA 20, $239.70 and $219.65.

Key levels

BCH/USD

Overview
Today last price	253.9679
Today Daily Change	-1.4023
Today Daily Change %	-0.55
Today daily open	255.3702

Trends
Daily SMA20	242.5686
Daily SMA50	242.8853
Daily SMA100	241.7775
Daily SMA200	266.7518

Levels
Previous Daily High	256.6792
Previous Daily Low	251.5602
Previous Weekly High	269.2895
Previous Weekly Low	236.2802
Previous Monthly High	277.2914
Previous Monthly Low	217.6786
Daily Fibonacci 38.2%	254.7238
Daily Fibonacci 61.8%	253.5156
Daily Pivot Point S1	252.3938
Daily Pivot Point S2	249.4175
Daily Pivot Point S3	247.2747
Daily Pivot Point R1	257.5129
Daily Pivot Point R2	259.6556
Daily Pivot Point R3	262.632

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

Quant Price Forecast: QNT rally capped at key resistance poses bearish reversal risk

Quant price is down over 4% on Wednesday, risking a drop below $250 as buying pressure eases after a more than 350% rally last month. Retail strength in the DeFi token remains mixed, with Open Interest down over 6% in the last 24 hours, while negative funding rates ease toward neutral levels.

Chainlink Price Forecast: Short-term correction in LINK risks a bearish reversal to $10

Chainlink is down over 3% at press time on Wednesday, facing short-term weakness as institutional and retail demand eases. LINK-focused Exchange Traded Funds witnessed three consecutive days of zero inflows, while LINK futures Open Interest is down over 5%, suggesting a mild positional wipeout.

Top 3 Price Prediction: BTC fails to hold $85,000, ETH downside risks rise, XRP momentum fades

Bitcoin remains under pressure on Wednesday, trading below $84,100 after a 2.88% correction so far this week. Ethereum and Ripple followed in BTC’s footsteps and extended their corrections, trading below $2,620 and $1.500, respectively. Momentum indicators for these top three cryptocurrencies show signs of weakening and hint at deeper correction risk.

ZEC expands institutional momentum as Winklevoss files for Zcash ETF

Winklevoss Asset Services, co-owned by crypto exchange Gemini founders Cameron and Tyler Winklevoss, filed a Form S-1 registration statement with the US Securities and Exchange Commission (SEC) on Tuesday for the Winklevoss Zcash (ZEC) ETF. The filing proposes a fund that would hold ZEC and seek to track its price.

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin (BTC) extends its gains, trading near $86,000 at the time of writing on Friday after closing September 6.33% up, reversing its seasonal weakness. Historical data suggest October could be a strong month for BTC, especially after a positive September.

Bitcoin Cash Price Analysis: BCH/USD looks to drop below the pennant formation, following bearish price action