Bitcoin Cash could not make it 3/3 days of gains after the daily candle was rejected at the $645.80 price mark. This resistance level also intersects the resistance posed by the upper border of the descending channel, thus reinforcing this barrier.
Trading volume has been thin on the day, with price staying within the range formed by $645.80 above and $539.55 below. However, the Bitcoin cash price prediction outlook indicates that the potential for further upside remains healthy. Price has formed a double bottom on the $539.55 support level, with $645.80 forming a neckline. This could indicate a bullish resolution if bulls can take the price above the current upside barrier.
However, any projected moves from this pattern are not likely to go far, as the market remains devoid of potent positive fundamental triggers. Bitcoin Cash is trading 3.44% lower as of the writing.
Technical Levels to Watch
Today’s drop follows an intraday rejection at the 645.80 resistance, following yesterday’s slight violation of the channel’s upper border. The Bitcoin Cash price prediction outlook indicates that the BCH/USD pair has to break 645.80 for the door to open towards 728.43, where the tops of mid-February and 3 June are found. Above this level, 802.21 becomes an additional target.
On the other hand, an extension of the pullback move following intraday rejection allows the BCH/USD pair to aim for a test of the 539.55 support level. 459.71 serves as an additional downside target if the 539.55 support level gives way.