Bitcoin Cash Technical Analysis: BCH/USD eyes on critical $240 support
|- Bitcoin Cash late in the session on Thursday was trading firmly in the red, down a chunky 11.50%.
- BCH/USD is set to rest $240 which is a key daily support level, low of 3rd April.
- If the above noted fails to hold then the price could tumble quickly back down to the pre-April bull urn levels, see around $160.
Spot rate: 270.01
Relative change: -11.52%
High: 305.94
Low: 254.54
BCH/USD 60-minute chart
- The price had been ranging before the bears managed to force a breach, inviting a strong wave of selling pressure to the downside.
BCH/USD daily chart
- Daily support is eyed at $240, 3rd April low, a breach could see a full reversal of the recent run higher.
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.