RATE Group | Bitcoin Cash technical analysis: BCH/USD bulls have large opportunity to move to greater…
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Bitcoin Cash technical analysis: BCH/USD bulls have large opportunity to move to greater…

10 Oct Bitcoin Cash technical analysis: BCH/USD bulls have large opportunity to move to greater…

Posted at 23:14h in Bitcoin News by

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  • Bitcoin Cash price is trading in the red, up with losses of 3.25% the session on Thursday.
  • BCH/USD bulls managed to break free from a bearish pennant structure and is at present seeing a retest. 
  • The price must hold the retest or be forced back within the narrow range and be subject to further downside pressure. 

 

BCH/USD daily chart

There is plenty of room for the price to push firmly back within the $300 territory, given the recent pennant breakout. 

BCH/USD 60-minute chart

A critical ascending trend line of support is tracking at $230-228, it could also be a potential head and shoulders structure. 

 

Spot rate:                  238.74

Relative change:      -3.25%

High:                         240.30

Low:                          229.35

 

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