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Bitcoin Cash Technical Analysis: BCH/USD bullish breakout eyed

  • Bitcoin Cash price on Friday is on the back foot, down in negative territory by some -2.5% in the second half of the session.
  • BCH/USD price action is moving within a bullish pennant pattern formation. 
  • Next major target for the bulls will be for a return up to the $400 price territory.
Bitcoin Cash Technical Analysis: BCH/USD bullish breakout eyed
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  299.13

Relative change:      -2.50%

High:                         306.61

Low:                          290.14

BCH/USD

Overview
Today last price298.7151
Today Daily Change-7.6517
Today Daily Change %-2.50
Today daily open306.3668
 
Trends
Daily SMA20276.464
Daily SMA50197.1839
Daily SMA100162.6251
Daily SMA200243.7794
Levels
Previous Daily High314.5612
Previous Daily Low303.9388
Previous Weekly High329.7426
Previous Weekly Low254.5428
Previous Monthly High172.9457
Previous Monthly Low120.5261
Daily Fibonacci 38.2%307.9966
Daily Fibonacci 61.8%310.5034
Daily Pivot Point S1302.0167
Daily Pivot Point S2297.6666
Daily Pivot Point S3291.3944
Daily Pivot Point R1312.639
Daily Pivot Point R2318.9112
Daily Pivot Point R3323.2613

BCH/USD 60-minute chart

  • Price action is narrowing, chunky demand protecting the price at $290, resistance to the upside capped by a descending trend line, $300-305.  

BCH/USD daily chart

  • Price action consolidating within a bullish pennant pattern formation, subject to a breakout higher. 

Author

Ken Chigbo

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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