Ken Chigbo
Independent Analyst
- BCH/USD moving back towards descending channel, price will look for refuge at the upper trend line.
- Levels of support are eyed at $980 and then February lows at $880.
Bitcoin Cash price is seen down over 5% on Wednesday, moving in lock-step with the cooling in prices across the crypto market. Heading for its third straight session of losses. The gains seen last week have been erased with this bearish momentum.
There was a descending wedge formation that is still visible on the daily chart, this had been running from the back end of 2017. The price managed to break out of this pattern at the end of February. Given current selling pressure, it wouldn’t be a total surprise to see the price fall back within that descending channel.
Technically, BCH/USD is exposed to further moves south, as there isn’t much refuge, until the upper trend line of the above-mentioned pattern is tested. This is currently tracking just below the $1000 level, around $980. Another breach would see February lows tested at $880.
BCH/USD daily chart
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