- BCH falls more than major peers.
- Its trapped in a channel, won't be easy to break.
Bitcoin Cash price continues to drift lower as it has got itself stuck in a downward sloping channel on the short term chart, even as it hasn't been able to recover fully from the April lows.
BCH/USD is down more than 5 percent at $1,266 and down more than $100 from day's high. On the 60-minute chart BCH is stuck in a downward sloping channel in the form of lower highs and lower lows and seems to be finding difficult to come out of it.
On the daily chart, the price of BCH for now finds a support around the current levels as it is exactcly at the 50 percent fibonacci retracement level of the rise from April lows even as it didn't fully recover from the April lows to call it a new bull run.
BCH/USD 60-minute chart:
BCH/USD daily chart:
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