Bitcoin Cash Price Prediction: BCH/USD shaping up within a bearish pennant pattern to potentially take another dive lower

  • Bitcoin Cash taken a hit again from the market bears, dropping 3% on Tuesday.
  • Bearish pennant pattern eyed for BCH/USD on the 30-minute chart view.

 

The Bitcoin Cash price hit on Tuesday with further losses down almost 3%, failing to make progression after the bounce off the lows on 10th June. A cooling in crypto prices remains evident across the board, with the major altcoins adding to their losses.

BCH/USD price action has become range over the past couple of sessions now, since the heavy bout of selling pressure hit the market. Recent price action has caused a bearish pennant pattern to form, which as going by the textbook, could be subject to a breakout lower.

Support in the near-term seen at $907.50 today’s (Tuesday) lows, which is the lower part of the bearish pennant pattern. A breach would see the demand zone come into play, between, $885-900. Resistance to the upside seen at $933 at the 50MA, $941, 100MA and then $950 the upper part of the pennant. All technical analysis mentioned is looking at the 30-minute chart.

 

BCH/USD 30-minute chart view


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