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Bitcoin Cash Technical Analysis: BCH/USD bulls break stubborn resistance to gains over 5%

  • Bitcoin Cash price on Wednesday seen up some 5% in the latter part of the session.
  • BCH/USD bulls have cleared a long-running descending trend line, leaving door open to greater upside. 

BCH/USD 15-minute chart

  • Price action has broken out to the upside from a pennant pattern structure. 

Spot rate:                132.81

Relative change:      +5.02%

High:                         134.94

Low:                          126.58

Trend:                       Neutral

Support 1:                118.55, daily pivot point support.

Support 2:                109.72, daily pivot point support.

Support 3:                103.51, daily pivot point support.

Resistance 1:           133.59, daily pivot point resistance.

Resistance 2:           139.81, daily pivot point resistance.

Resistance 3:           148.63, daily pivot point resistance.

BCH/USD 60-minute chart

  • Price action is moving within the confinements of a range block formation. 

BCH/USD daily chart

  •  BCH/USD daily edges over long-running descending trend line, but still stuck in stubborn daily range.

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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