Ken Chigbo
Independent Analyst
- Bitcoin Cash is seen down with losses of 0.5%, as the price consolidates ahead of next definitive move.
- BCH/USD has rallied 160% in the past four weeks, closing in the green consecutively on a weekly basis.
The Bitcoin Cash price was seen down marginally by 0.5% on Friday, after the prior session being knocked back by resistance at the $1,500 mark, which is part of a running supply zone from $1,500-1,700.
Much like its major peers within the crypto market, Bitcoin Cash is also heading for its fourth consecutive weekly closure in positive territory. Gaining over 160% from $600 up to highs of $1,500, before running into resistance.
BCH/USD has a chunky supply zone ahead to break down, if the bulls fail to gain momentum through the region of $1,500-1,700, then the bears are likely to swoop back in with the pressure. Immediate support is seen back at $1,200, then back at $800 region, where the ascending trend line tracks.
BCH/USD daily chart
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