Ken Chigbo
Independent Analyst
- Bitcoin Cash late in the session on Thursday was trading firmly in the red, down a chunky 11.50%.
- BCH/USD is set to rest $240 which is a key daily support level, low of 3rd April.
- If the above noted fails to hold then the price could tumble quickly back down to the pre-April bull urn levels, see around $160.
Spot rate: 270.01
Relative change: -11.52%
High: 305.94
Low: 254.54
BCH/USD 60-minute chart
- The price had been ranging before the bears managed to force a breach, inviting a strong wave of selling pressure to the downside.
BCH/USD daily chart
- Daily support is eyed at $240, 3rd April low, a breach could see a full reversal of the recent run higher.
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