Bitcoin Cash (BCH) Price Analysis: New Critical Juncture Reached

Bitcoin Cash (BCH) Price has a short-term bearish trading bias and the four-hour time frame shows that the BCH/USD pair is testing the large falling wedge pattern channel and the daily time frame shows a bearish head and shoulders pattern was triggered as we are seeing today in the Bitcoin Cash news.

The BCH/USD pair had recently provided shows a technical breakout on the horizon as the crypto consolidated inside the large trading range. The recent bearish breakout below the $268.00 support level was able to confirm the short-term direction bias of the cryptocurrency that was going to be lower and even sparked a decline in the BCH/USD of more than 25%.

The Bitcoin Cash (BCH) price shows that the technicals for Bitcoin Cash are currently showing that the crypto market reached critical technical support and potential reversal point. The four-hour time frame that the pair has tested the top of a falling wedge pattern around the $194 level so if the trendline support in this area holds the pair could reverse towards the $300.00 level. The decline below the falling wedge pattern would be extremely bearish for the BCH/USD pair and could even spike the next wave of selling in the cryptocurrency.

The daily time frame shows that a huge head and shoulders pattern has been triggered with the BCH/USD pair remaining vulnerable to more losses while trading below the neckline of the pattern at $225. The bearish target of the head and shoulders pattern extend lower than the $100.00 level and the near-term bearish targets are found at the $160 and $115 level. According to the latest-sentiment data, the short-term sentiment towards the altcoin is bearish at 47% while the overall long-term sentiment towards the crypto is pretty much neutral at 48%.

The four-hour time frame shows that the key technical resistance is located at the $225 and $268 levels so the buyers ideally have to rally price above the $225 level to stabilize the cryptocurrency. The key technical resistance over the medium-term is located at the $280 and $300 level. The four-hour time frame shows that the BCH/USD pair has medium-term technical support around the $194 and $160 levels. The critical long-term technical support for the pair is located at $72.