Bitcoin Cash price analysis: BCH/USD looks set to face some trouble at strong resistance trend line, seen at $845
|- Bitcoin Cash up over 4% on Friday, however strong resistance is seen ahead at $845.
- Technically, BCH/USD may retest the broken trend line, to then continue moving south, if it fails to break above.
The Bitcoin Cash price is seen holding to gains of 4% as the market heads into the end of the week, building on the solid run of recovery it has had at late. It has picked up from lows of $600, to move up to highs around current levels of $770, this week.
Bitcoin Cash broke out to the downside from a long running trend line, the support was running from August 2017, until it was breached on 29th March. The price dropped 25% before managing to find some support at $600.
Technically, although there is some upside momentum see with this current bull run, there may be some trouble ahead for BCH/USD. When there is a technical break of a trend line, it isn’t out of the normal to see the price retest the line, before continuing back in the other direction, in this case additional selling pressure. The price is likely to meet this touted resistance at $845. Support is some way lower at $600.
BCH/USD daily chart
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