Bitcoin Cash Technical Analysis: BCH/USD has formed a dangerous looking bearish pennant pattern

  • Bitcoin Cash (BCH) was trading firmly in the red on Thursday, down some 12.5% in the latter stages of the session.
  • BCH/USD price action since bouncing from the session lows, has formed a bearish pennant pattern.

 

 

BCH/USD 60-minute chart 


 
 

Spot rate:                  449.5

Relative change:      -12.55%

High:                         516.1

Low:                          438.6

 

Trend:                       Bearish

 

Support 1:                448.3, support on 60-minute chart.

Support 2:                440.2, demand zone.

Support 3:                425.2, 25 September low.

Resistance 1:           454.4. upper part of pennant pattern.

Resistance 2:           460.0, resistance on 60-minute chart. 

Resistance 3:           470.5, supply area. 

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