Bitcoin Cash Price Analysis: BCH/USD another drop is looming

Bitcoin Cash price is trading in the red, with losses of 2.30% in the second half of the session.
BCH/USD is running at three steep consecutive sessions in the red, as bears regain momentum.
A big barrier at the psychological $500 price mark promoted sellers to come back into play.

Ken Chigbo Independent Analyst

BCH/USD daily chart

The price smashed out to the downside from a rising channel structure, support has caught the price at around the session low $370 (daily support).

BCH/USD 60-minute chart

A near-term double top can be observed via the 60-minute chart view, with price action also moving within a pennant structure.

Spot rate: 404.15

Relative change: -2.30%

High: 416.86

Low: 367.58

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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