Bitcoin Cash Price Analysis: BCH/USD heading for a potential harsh fall to retest breached channel
- Bitcoin Cash price is trading in the red, with losses of 8.50% in the second half of the session.
- BCH/USD price action has been largely narrowing within a tight range, the bears have forced a breach.
- The range was; the high at $360 down to a low of $330 via the daily.
BCH/USD daily chart
The price via the daily chart view is moving within a narrowing pennant structure. However, this looking increasingly likely to fail, with the bears pressing for a breakout to the downside.
BCH/USD 60-minute chart
The price via the 60-minute chart view was moving within a narrowing range block formation from 18 January. Market bears have managed to smash out to the downside from this, allowing for further selling pressure.
Spot rate: 321.18
Relative change: -8.50%
High: 348.98
Low: 315.25
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.
