- BCH token price moves sideways inside a symmetrical triangle in the 4-hour technical chart.
- The coin price moves under the 4-hour 50 EMA and struggles to close above it.
- The BCH/ETH pair trades at 0.2429 ETH with a small intraday move of +0.05%.
BCH token price fell almost 70% after finding an enormous supply dump near the $1550 level. The coin price disrupted the downtrend at the $500 level and rose under a symmetrical triangle structure. The price movement has been sideways for the past 24 hours.
BCH Token has recently faced declining trading volume resulting in tiny price movements. The token price is trading at $664.41, with market capitalization clenching 1.28% within 24 hours. BCH ranks #12 among peers on market cap standards.
BCH Token Forms Bearish Pennant In Daily Technical Chart
BCH Token’s daily technical chart converted the 4-hour triangle into a bearish pennant structure due to the sharp sell-off last month. The coin price may break out in either direction as per the structure, but the technical indicators side with bears.
The coin price may find support from $600 and $500 present just below the pennant. However, in case of a bullish breakout, the zone of $720-$760 and the $825 level may push the token price down.
The declining intraday trading volume has kept the price movement to a minimum. However, the recent volume jump in the 4-hour failed to take the price high due to opposition from the 50 EMA. The failure of the volume suggests a fallout of pennant.
The coin price is trading just above the 200 EMA (white) in the daily chart but fails to rise further, resulting in the downward slope of 50 EMA. It indicates a possibility of a Death Cross, suggesting a potential persistence of a downtrend in coin price.
The RSI indicator (bearish), with a value of 45, is moving away from the oversold zone. The RSI line makes lower highs and continues to side with bears.
Conclusion – BCH token trades inside a bearish pennant with bearish technical indicators suggesting Investors hold their chips and might want to avoid going long. Investors may find the coin price below $500 soon.
Resistance: zone between $720 and $760, and $825
Support: $600 and $500