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Bitcoin Cash Technical Analysis: BCH/USD rocket 8% higher but this is only just the takeoff, it has not reached orbit

  • Bitcoin Cash price in the second half of the session on Friday is trading well into the green, big gains of over 8%. 
  • BCH/USD has heavily outperformed its peers with the large gains in the session, as life is kicked back into bulls. 
  • The bulls must breakdown supply around the April high levels, for greater upside. 
Bitcoin Cash Technical Analysis: BCH/USD rocket 8% higher but this is only just the takeoff, it has not reached orbit
Ken ChigboKen ChigboIndependent Analyst

Spot rate:    288.12

Relative change:  +8.60%

High:            296.50

Low:             262.33

BCH/USD 60-minute chart

  • Price picked up momentum to the upside after moving out from a range-block formation, which contained the price from Wednesday.

BCH/USD daily chart

  • Bulls managed to escape from a bullish flag pattern, with the April highs in scope to be tackled. 

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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