Bitcoin Cash price analysis: Trapped; $400 on the cards

BCH trapped in the medium term channel.
$400 and below is likely in this downmove.

Manoj B Rawal Independent Analyst

Bitcoin Cash, the split brother of the largest cryptocurrency Bitcoin, has been trapped in a downward sloping channel on the medium term chart and in this current downward move is currently headed at least towards $400.

BCH/USD is down more than 3 percent on day at $434.86. 480-minute chart of Bitcoin Cash, points towards a trap that has been forming since end June and likely to stay in this channel for some more time before BCH gains some momentum to break the shackles.

For now it is clearly headed towards $400 and perhaps even below it in this move, before it tries to head towards upper end of the channel, which might mean $500 type levels.

BCH/USD 480-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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