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Bitcoin Cash technical analysis: BCH/USD bulls must break down $500 resistance for greater gains

  • Bitcoin Cash is holding gains of around 3% in the second part of the day on Friday.
  • BCH/USD rice action is trying to break back above a breached ascending channel. 
  • Chunky resistance can be seen in the early $500 territory, a break above is the key to greater gains. 
Bitcoin Cash technical analysis: BCH/USD bulls must break down $500 resistance for greater gains
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 423.98

Relative change:      +3.10%

High:                        438.17

Low:                         394.82

BCH/USD 60-minute chart

  • Price action is moving within consolidation mode, a near-term ascending channel formation. 

BCH/USD daily chart

  • Bulls must force a break back above a breached supporting ascending channel. 

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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