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Bitcoin Cash Technical Analysis: BCH/USD bullish pennant pattern formation subject to breakout higher

Bitcoin Cash Friday saw a decent bounce back, trading in positive territory up some 4.00%.
BCH/USD bulls looking to retest the high area seen at the start of the week, up around $320.
Price action via the daily chart view is moving within a bullish pennant structure.

Ken Chigbo Independent Analyst

Spot rate: 283.58

Relative change: +4.20%

High: 290.04

Low: 258.78

BCH/USD 60-minute chart

Near-term resistance around $280 preventing the bulls from pushing ahead currently.

BCH/USD daily chart

Price action is moving within a bullish pennant pattern structure, subject to a breakout higher.

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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