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Bitcoin Cash Price Analysis: BCH/USD another wave of pressure from the bears

  • Bitcoin Cash price is trading in the red, with losses of 4.05% in the second half of the session.
  • BCH/USD is vulnerable following a key long-running ascending trend line breach. 
  • A critical daily area of demand can be seen tracking from $270-50. 
Bitcoin Cash Price Analysis: BCH/USD another wave of pressure from the bears
Ken ChigboKen ChigboIndependent Analyst

BCH/USD daily chart

An ascending trend line has been supporting the price since the commencing of February, has now been broken. The price is running towards it second session in the red. 

BCH/USD 60-minute chart

Price action has breached a bearish pennant structure via the 60-minute, inviting another wave of selling pressure. 

Spot rate:                 363.92

Relative change:     -4.05%

High:                         387.50

Low:                          352.64

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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