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Bitcoin Cash technical analysis: BCH/USD bears smash out of rising wedge structure

  • Bitcoin Cash price in the session on Friday is trading firmly in the red, down some 6.0%.
  • BCH/USD bears force price out from a rising wedge structure, allowing for a bout of selling pressure. 
  • Potential head and shoulders pattern eyed via the daily chart view. 
Bitcoin Cash technical analysis: BCH/USD bears smash out of rising wedge structure
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 313.65

Relative change:      -3.50%

High:                         334.26

Low:                          307.27

BCH/USD daily chart

  • Price action has broken out from a rising wedge structure, allowing a fresh wave of selling pressure.

BCH/USD 60-minute chart

  • The bears breached a pennant structure via the 60-minute chart view. 

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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