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Technical Analysis for BCHUSD for 6th January 2022

Bitcoin Cash Crash Below $400, Sellers are Unrelenting

Past Performance of BCH

Bitcoin Cash is under immense selling pressure when writing, printing lower below the middle BB. Down 50 percent from H2 2021 peaks, BCH sellers are rampant. From the BCHUSDT formation in the daily chart, prices are trending below last week's lows of $410 and appear to be racing towards December 4 lows of $345.

Bitcoin Cash Technical Analysis

The BCHUSDT technical candlestick arrangement swings to favor bears, reading from the formation in the daily chart. Evidently, bears are in control and price action within a bear breakout pattern that may force BCH to December 4 lows of $345, confirming losses printed in early November 2021. With BCHUSDT trending below the six month support and $410, the odds of a favorable recovery seems slim as sellers press on.

What to Expect of BCH

The BCHUSDT broke out of the $70 zone with caps at $410 and $480 on January 5. In a defined bearish formation, the break below the critical support line only seems to be accelerating the dump to $345. On the flip side, a recovery above $410 would relieve BCH holders.

Resistance level to watch: $410

Support level to watch: $345

Disclaimer: Opinions expressed are not investment advice. Do your research.

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