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Bitcoin Cash technical analysis: BCH/USD narrowing subject to an explosive breakout

  • Bitcoin Cash price on Friday is trading marginally in the green, up some 0.2%.
  • BCH/USD price action continues to move within a bullish penannt via the daily view. 
  • The next major likely region of interest for the bulls upon renewed momentum would be $500. 
Bitcoin Cash technical analysis: BCH/USD narrowing subject to an explosive breakout
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 412.79

Relative change:      +0.20%

High:                        417.85

Low:                         405.70.

BCH/USD 60-minute chart

  • A supply zone running within the $420 area has capped the bulls with further upside via the 60-minute. 

BCH/USD daily chart

  • BCH/USD is moving within a bullish pennant structure, this has been the case since early May. 

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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