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Bitcoin Cash Technical Analysis: BCH/USD forms a bearish pennant, price looks to party with the bears

  • Bitcoin Cash price was seen down 0.5% on Monday, after the gains made over the weekend proved to be unsustainable,
  • BCH/USD has formed a bearish pennant pattern, subject to a drop lower.  

BCH/USD 15-minute chart

Spot rate:                   0.47752

Relative change:         -0.25%

High:                           0.48090

Low:                            0.47320

Trend:                         Neutral

Support 1:                  742.6, lower part of pennant.

Support 2:                  737.8, today’s (Monday) low.

Support 3:                  723.0, (support on the 60-minute chart).  

Resistance 1:           748.7, 50MA.

Resistance 2:            752.0, upper part of pennant.  

Resistance 3:            753.5, 100MA.    

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.

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