RATE Group | Will BCH/USD follow this bearish pattern targeting $150?
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Will BCH/USD follow this bearish pattern targeting $150?

23 Mar Will BCH/USD follow this bearish pattern targeting $150?

Posted at 05:27h in Bitcoin News by

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  • Bitcoin Cash price recovers from a dip testing $200 but its upside is capped $212.
  • BCH/USD printed bearish flag pattern points towards a possible breakdown to $150.

Bitcoin Cash price incredibly shot up towards the end of last week to the extent that it touched $250. The gains occurred in tandem with a bullish action spearheaded by Bitcoin (BTC)’s approach to $7,000. However, the rejection at $250 put an end to BCH/USD bullish frenzy. Selling action over the weekend trimmed most of the gains whereby Bitcoin Cash tested the support at $200.

In the meantime, BCH/USD is doddering at $207 after adjusting upwards by 2.43% on Monday from $202.70 (opening value). An intraday high has reached $212 marking the digital asset’s first resistance zone.

The prevailing picture is bearish in spite of the bullish action during the Asian session. The RSI is making an attempt to rise above the average (50) after a dip to 44.68. A further upward movement would call for more…

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