Bitcoin Cash Technical Analysis: BCH/USD within potentially deadly ascending channel

Bitcoin Cash price on Friday trading in minor positive of just some 0.90% in the second half of the session.
BCH/USD price action moving within a rising channel formation, observed via the daily chart view.
In terms of news flow, Thailand’s SEC Actually removed Bitcoin Cash (BCH), Litecoin (LTC) And Ethereum Classic (ETC) From Crypto’s Eligible For ICO Fundraising. The regulatory body will only allow; Bitcoin (BTC), Ethereum (ETC), Ripple (XRP) and Stellar (XLM). Detailing that no cryptocurrency, even those on their approved list, are certified as legal tender in the country.

Ken Chigbo Independent Analyst

Spot rate: 130.63

Relative change: +0.90%

High: 131.73

Low: 129.06

Trend: Neutral

Trends:
    Daily SMA20: 130.6954
    Daily SMA50: 127.4616
    Daily SMA100: 143.0479
    Daily SMA200: 321.7172
Levels:
    Previous Daily High: 132.7187
    Previous Daily Low: 127.7779
    Previous Weekly High: 150.0785
    Previous Weekly Low: 119.129
    Previous Monthly High: 156.9334
    Previous Monthly Low: 109.9144
    Daily Fibonacci 38.2%: 129.6653
    Daily Fibonacci 61.8%: 130.8313
    Daily Pivot Point S1: 127.2324
    Daily Pivot Point S2: 125.0348
    Daily Pivot Point S3: 122.2917
    Daily Pivot Point R1: 132.1731
    Daily Pivot Point R2: 134.9163
    Daily Pivot Point R3: 137.1139

BCH/USD 60-minute chart

BCH/USD via the 60-minute chart view is moving within a bearish flag formation, subject to moves north.

BCH/USD daily chart

Price action moving within an ascending channel formation, subject to a potential breakout to the downside.

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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