Bitcoin Cash price analysis: Shackled in a channel, tough to get out of it
|- BCH falls more than major peers.
- Its trapped in a channel, won't be easy to break.
Bitcoin Cash price continues to drift lower as it has got itself stuck in a downward sloping channel on the short term chart, even as it hasn't been able to recover fully from the April lows.
BCH/USD is down more than 5 percent at $1,266 and down more than $100 from day's high. On the 60-minute chart BCH is stuck in a downward sloping channel in the form of lower highs and lower lows and seems to be finding difficult to come out of it.
On the daily chart, the price of BCH for now finds a support around the current levels as it is exactcly at the 50 percent fibonacci retracement level of the rise from April lows even as it didn't fully recover from the April lows to call it a new bull run.
BCH/USD 60-minute chart:
BCH/USD daily chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.