Bitcoin Cash Technical Analysis: BCH/USD profit taking could be damaging

Bitcoin Cash price late on Thursday is trading deep in the red down some 4.5%.
Profit-taking appears to have kicked in, resulting in some deep selling for BCH/USD.

Ken Chigbo Independent Analyst

Spot rate: 150.79

Relative change: -4.50%

High: 159.51

Low: 146.38

Trend: Bearish

BCH/USD

Overview
Today last price	150.3603
Today Daily Change	-8.1254
Today Daily Change %	-5.13
Today daily open	158.4857

Trends
Daily SMA20	136.9269
Daily SMA50	130.3537
Daily SMA100	133.1183
Daily SMA200	281.1014

Levels
Previous Daily High	159.5854
Previous Daily Low	152.9065
Previous Weekly High	145.2042
Previous Weekly Low	125.1296
Previous Monthly High	156.9334
Previous Monthly Low	109.9144
Daily Fibonacci 38.2%	155.4578
Daily Fibonacci 61.8%	157.0341
Daily Pivot Point S1	154.3996
Daily Pivot Point S2	150.3136
Daily Pivot Point S3	147.7207
Daily Pivot Point R1	161.0786
Daily Pivot Point R2	163.6715
Daily Pivot Point R3	167.7575

BCH/USD 60-minute chart

Price action has been prevented from a free-fall thanks to near-term demand via the 60-minute view, $146-147.

BCH/USD daily chart

Heavy supply observed via the daily chart view from $165-160, as touted profit-taking comes into place.

Author

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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