TRENDING:
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin Cash Price Analysis: BCH/USD moving within a bullish pennant subject to an explosive breakout

  • Bitcoin Cash price is trading in the green, with losses of 5.65% in the second half of the session.
  • BCH/USD price action is narrowing within a range as part of a bullish pennant. 
  • Resistance to the upside should be noted at $390, to the downside $375. 
Bitcoin Cash Price Analysis: BCH/USD moving within a bullish pennant subject to an explosive breakout
Ken ChigboKen ChigboIndependent Analyst

BCH/USD weekly chart

The bulls have made tremendous gains over the last six weeks, a chunky barrier should be noted at $400. 

BCH/USD daily chart

A bullish pennant is subject to a breakout higher from the bulls via the daily. 

Spot rate:                 381.92

Relative change:     +1.25%

High:                         392.27

Low:                          374.45

Author

Ken Chigbo

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.

More from Ken Chigbo
Share:

Editor's Picks

Ripple extends losses as derivatives interest cools

Ripple extends losses as derivatives interest cools

Ripple (XRP) extends its bearish roll near $1.12 support on Friday, reflecting intense headwinds in the broader crypto market largely attributable to macroeconomic pressure.

Crypto Today: Bitcoin, Ethereum, XRP weaken further as capital outflows persist

Crypto Today: Bitcoin, Ethereum, XRP weaken further as capital outflows persist

Macroeconomic headwinds continue to weigh heavily on the cryptocurrency market on Friday, prompting major assets like Bitcoin (BTC) to pare earlier gains and extend losses after June’s brief relief rally.

Bitcoin Weekly Forecast: Recovery hopes fade after the Fed spoils the party

Bitcoin Weekly Forecast: Recovery hopes fade after the Fed spoils the party

Bitcoin is set to end the week in the red, trading near the 200-Week Simple Moving Average at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds point to a sixth consecutive week of outflows.

Sui risks a deeper bearish leg despite on-chain resilience

Sui risks a deeper bearish leg despite on-chain resilience

Sui is down 2% on Friday, extending its decline toward the recent support leg formed at $0.6618. The Total Value Locked in the Sui ecosystem has stabilized around 600 million SUI tokens, reflecting resilient user demand.

Bitcoin: Recovery hopes fade after the Fed spoils the party

Bitcoin: Recovery hopes fade after the Fed spoils the party

Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.