BCH/USD: Market facing bearish breakout as price sits on $120 support line

The BCH/USD market is heading towards a bearish breakout as it stands on top of the $120 support line.
The bulls need to defend the $112.50 support line to reduce the downward momentum.

Rajarshi Mitra Independent Analyst

The BCH/USD market has been taken over for the bears and is currently sitting on top of the $120 support line. The bulls need to take control soon otherwise the market is going to spiral downwards even faster. BCH/USD has lost 7.7% of its price, going down from $130.50 to $120 over the last four days, based on market speculation.

BCH/USD daily chart

The BCH/USD market forms a triangle which is heading towards a bearish breakout. The downward trending line has been a strong line of resistance for the last three days. The upward trending line has been a good support line for the BCH/USD market. The price is a sitting on the $120 support line, and the bulls need to defend support at $112.50 to reduce this strong bearish sentiment.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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