Bitcoin Cash price analysis: Bitcoin Cash retests a key trend line, now back on the move lower, which could gather pace
- Bitcoin Cash price is nursing losses of 5.5%, as bearish trend dominates across the crypto market.
- BCH/USD broke out of a supporting trend line, had the retest with the pullback and has now resumed selling
The Bitcoin Cash price is seen down 5.5% during trading on Wednesday, in line with the bearish dominance seen across the crypto market. There was not enough steam behind the pullback seen in the early part of the week, given the resumption of the stubborn trend lower.
Bitcoin Cash played out a textbook technical move within recent trading, the price initially broke out of an ascending trend line on 29th March, it then enjoyed a relief pullback, seeing the line retested on 3rd April. BCH/USD has broken out of the support, retested, now resuming the move lower.
BCH/USD technically is subject to some further downside pressure potentially, given the above explained technical move observed. The first target for the bears will be the low on 1st April at $621, support is not then seen until another $100 move lower at $523, low on 8th November 2017, before an exerted move higher was seen.
BCH/USD daily chart
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.
