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Bitcoin Cash Technical Analysis: BCH/USD price action has formed a rising wedge pattern, subject to a break lower

  • Bitcoin Cash is holding modest gains of 0.70% in the latter stages of trading on Thursday.
  • BCH/USD price action has formed a rising wedge pattern, which if plays out to the textbook, could see a break lower.
  • Near-term downside target can be seen at $1050, lows just seen on 5th June, a key area of support.

BCH/USD 60-minute chart

Spot rate:                    1137.80

Relative change:         +0.70%

High:                            1174.50          

Low:                            1125.50

Trend:                          Neutral

Resistance 1:              1170.00, upper part of wedge.    

Resistance 2:              1185.80, bottom of channel in view.

Resistance 3:              1205, supply zone.

Support 1:                   1132.80. 100MA.

Support 2:                   1091.70, (support on 60-minute chart).

Support 3:                   1050.00, demand zone.

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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