Bitcoin Cash Technical Analysis: BCH/USD big $200 retest
- Bitcoin Cash price is trading in the green, with gains of 7.80% in the second half of the session.
- BCH/USD bulls are making a late push in the session on Friday, after starting on the back foot.
- The price has been falling consecutively for going on eight weeks, with no sign of a change, as rallies continue to be sold.
BCH/USD weekly chart
Weekly price action smashed through the $200 mark, a retest is being observed in the current week, however, so far only resulting in a rejection.
BCH/USD daily chart
Price action is resting a breached daily pennant structure, a break and closure above would be critical for the bulls.
Spot rate: 199.91
Relative change: +7.80%
High: 203.68
Low: 186.58
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.
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