Bitcoin Cash Price Analysis: BCH/USD bulls need to break $250 to restore buyer faith
- Bitcoin Cash price is trading in the red, with losses of 4.15% in the second half of the session.
- BCH/USD is consolidating after a decent push to the upside last week.
- There is room for the price to recover the fall seen in March, but $250 must be broken.
BCH/USD weekly chart
Over the last going on six weeks, the price has offered little in terms of direction, narrowing within a range of $200 to the downside and $250 to the upside.
BCH/USD daily chart
Daily resistance should be noted at $250, a break and closure above here, could be very inviting to greater upside momentum. Additionally, note that price action via the daily has broken and now retesting a bullish flag structure.
Spot rate: 236.67
Relative change: -4.15%
High: 248.08
Low: 234.34
Author
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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