Technical Analysis for BCHUSD for 24th November 2021
Bitcoin Cash Sliding Under the Weight of Sellers, BCH Bulls Limited Below $600
Past Performance of BCH
Roger Ver might be mum in recent times, but Bitcoin Cash continues to churn blocks, operating as designed.
Reflecting on this is the superior performance of BCH over the past few months.
Rising with the tide, BCHUSDT prices are relatively firm at spot levels, outperforming the greenback on the last trading day though the downtrend remains.
What to Expect of BCH
Technically, BCHUSDT prices are within a bear breakout pattern following steep losses of early last week.
Although BCH is steady at spot rates, the inability of buyers to convincingly rewind losses over the weekend skews price action to favor sellers in the short term.
As a result, deep losses below $540—this week's lows may trigger a sell-off that may force BCH to September 2021 lows of around $470.
On the flip side, an expansion above $600 may be the base for a leg up towards $650 in the days ahead.
Bitcoin Cash Technical Analysis
The path of least resistance remains southwards, reading from the performance in the daily chart.
As mentioned earlier, BCH sellers dominate since prices range inside last week's bear candlestick.
From an Effort-versus-Results perspective, this is bearish and would be confirmed if BCH tanks below $540.
An unexpected strong surge above $600 and the recent accumulation, on the other hand, may serve to draw more buyers, propelling BCHUSDT to October 2021 highs of around $650.
Resistance level to watch: $600
Support level to watch: $540
Disclaimer: Opinions expressed are not investment advice. Do your research.
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