Ken Chigbo
Independent Analyst
- Bitcoin Cash price hits double top at the high of the day and within touted sell zone.
- RSI still remains very close to overbought territory, despite slight drop, downside targets seen at; $915 and $870.
The Bitcoin Cash price was seen up a healthy 13% in the latter stages of the day on Tuesday evening, after initially starting the day on the back foot. In the early part of the session, BCH/USD was down as much as 5%, before rallying 11.5%.
Current price action has seen Bitcoin Cash move back into selling territory, as proven during the day. The supply zone runs from $995-1010, this is where the price hit the high of the day before encountering selling pressure. The print was seen at $1005.
Technically, viewing the 30-minute chart, BCH/USD has hit a double top, which could force the price back down to near-term support and neckline at $962. Given the recent top, the RSI has just slipped lower, out of overbought territory. Further downside targets are seen at; $915 and $870.
BCH/USD 30-minute chart
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