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Bitcoin Cash Technical Analysis: BCH/USD toying with critical near-term support

  • Bitcoin Cash nursing deep losses of around 6% well into the second half on Thursday. 
  • BCH/USD runs a risk of seeing the gains from recent bull run handed back. 

BCH/USD 15-minute chart

  • Price action moving within a descending wedge pattern formation via the 15-minute chart view. 

Spot rate:                162.21 

Relative change:      -5.66%

High:                         176.73

Low:                          159.21

Trend:                        Bearish

Support 1:                  162.02, daily pivot point support.

Support 2:                  150.35, daily pivot point support.

Support 3:                  138.23, daily pivot point support.

Resistance 1:             185.81, daily pivot point resistance.

Resistance 2:             197.94, daily pivot point resistance.

Resistance 3:             209.60, daily pivot point resistance.

BCH/USD 60-minute chart

  • BCH/USD is moving within the confinements of horizontal wedge pattern.

BCH/USD daily chart

  • Price action is narrowing within a large triangular pattern, subject to an imminent breakout. 

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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