Ken Chigbo
Independent Analyst
- BCH/USD has rallied over 5% moving above $1,000 on Wednesday’s session.
- Bull flag pattern is seen on the 1-hour time frame, with the recovery extending from last week’s lows.
The Bitcoin Cash price is seen up over 5% during trading on Wednesday, extending on its run for a recovery of losses seen within the recent trend lower. Across the market a bull run can be seen, all the major altcoins moving in lock-step.
A decent rally through the $1000 mark for Bitcoin Cash, has been seen, after the large weighted selling pressure seen at the back end of last week. Lows were printed at $843, before entering a strong touted buying area.
Technically, short term BCH/USD looks subject for a continued move higher, as the price has formed a bullish flag pattern, seen on the 1-hour time frame. There are some noteworthy resistance points; $1,100 and then $1,150. Support looks safe for now around $1,025, where the lower trend line is tracking.
BCH/USD 1-hour chart
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