Bitcoin Cash Technical Analysis: BCH/USD bears sweep in and remove the bull horns, as price heavily retreats
|- Bitcoin Cash price was seen licking its wounds in the latter stages of trading on Friday, down over 5%.
- BCH/USD is forced to seek support on a near-term ascending trend line, in order to protect $500 mark.
- Bitcoin Cash saw a chunky rally in the back end of Thursday, after reports Bitmain is to IPO.
BCH/USD 60-minute chart
Spot rate: 535.6
Relative change: -5.17%
High: 577.0
Low: 531.1
Trend: Bearish
Support 1: 534.50, ascending trend line.
Support 2: 516.75, demand zone.
Support 3: 500.00, pyscological support.
Resistance 1: 561.00, upper part of pennant pattern.
Resistance 2: 570.50 ,supply area.
Resistance 3: 589.75, 27th September high.
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.