Ken Chigbo
Independent Analyst
- Bitcoin Cash price behavior suggest another break higher may be pending.
- Immediate resistance seen at $1155, a breach would open doors for a return above $1200, support seen at $1120 and then $1113.50
The Bitcoin Cash price was nursing small losses of 0.8% on Wednesday, in-line with the theme seen across the board in the session, most of the major altcoins are trading generally flat to negative. This tone comes after the decent surge from lows, during the latter stages of trading on Tuesday.
BCH/USD is trading within an ascending channel as seen on the 60-minute time frame, the price managed to break back into this pattern after a downside breach, during the early part of Tuesday. Currently price action is flirting with the lower trend line of the channel, relying on this for support, in the small period of consolidation.
As seen across many of the major altcoins within the cryptocurrency market, bullish flags and pennants have formed. This behavior of trading would suggest a decent break higher may be pending. Next upside target for BCH/USD will be eyed above $1200 mark, a breach of immediate resistance at around $1155 can open doors for more bullish momentum. Support is seen at $1120 and then $1113.50, Wednesday’s session lows.
BCH/USD 60-minute chart
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