Bitcoin Cash (BCH) has the opportunity of potential springboard – Technical Analysis

• Bitcoin Cash price late on Thursday is trading in the red, down some 0.80%.  
• BCH/USD price is gunning for a retest of a breached descending wedge formation.
• Should the upper part of the pattern remain intact, then the bulls could use this as a platform to spring higher.  

Spot rate:                  

Relative change:       -0.85%

High:                         132.71

Low:                          129.44

Trend:                        Bearish/Neutral

Trends:
       Daily SMA20:  132.6837
       Daily SMA50:  126.13
       Daily SMA100:  135.7495
       Daily SMA200:  309.32
Levels:
       Previous Daily High:  133.068
       Previous Daily Low:  128.5558
       Previous Weekly High:  156.9334
       Previous Weekly Low:  125.1897
       Previous Monthly High:  156.9334
       Previous Monthly Low:  109.9144
       Daily Fibonacci 38.2%:  130.2795
       Daily Fibonacci 61.8%:  131.3444
       Daily Pivot Point S1:  128.5938
       Daily Pivot Point S2:  126.3187
       Daily Pivot Point S3:  124.0816
       Daily Pivot Point R1:  133.106
       Daily Pivot Point R2:  135.3431
       Daily Pivot Point R3:  137.6182

BTC/USD 60-minute chart

• Price action via the 60-minute chart is moving within somewhat of a bullish flag pattern.

BTC/USD  daily  chart

• Bears are making  good  way for a retest of the breached descending wedge formation.