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Bitcoin Cash technical: BCH/USD bulls are capped by strong line of resistance

  • Bitcoin Cash on Tuesday is trading firmly in the green, chunky gains of some 5%
  • BCH/USD despite the noted gains in the session, remains stuck within a bearish pennant. 
  • The bulls will need to force a daily closure above, to cancel out the bearish structure. 
Bitcoin Cash technical: BCH/USD bulls are capped by strong line of resistance
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 319.80

Relative change:      +5.10%

High:                         322.83

Low:                          302.11

BCH/USD 60-minute chart

  • Price action gained decent momentum to the upside, following a bounce off a key ascending trend line. 

BCH/USD daily chart

  • Despite daily gains BCH/USD continues to move within a bearish pennant structure. 

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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