Bitcoin Cash Technical Analysis: BCH/USD bulls failed to capitalize on the technical structure for greater gains

  • Bitcoin Cash price on Wednesday has been hammered, nursing big losses of 5.5% in the session. 
  • BCH/USD bulls failed to complete a breakout from a technical structure, pennant pattern. 
  • Bears will likely look to turn up the pressure south, eyes on potential break of $200 to the downside. 

Spot rate:                  272.46

Relative change:      -5.50%

High:                         291.85

Low:                          269.96

 

BCH/USD 60-minute chart

  •  Critical near-term 60-minute demand can be observed around the $270 price area. 

BCH/USD daily chart

  • Pennant pattern formation fails to see the structured breakout to the upside, as bears pile in. 

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