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Bitcoin Cash BCH Technical Analysis: BCH/USD a catastrophe is round the corner

  • Bitcoin Cash price nursing chunky losses of some 5.7% into the second half of Thursday’s session.  
  • BCH/USD testing a critical area of support, seen just below $415, this has provided support in September and October.  
  • A breach by the bears at the above-mentioned area, could see a free-fall to $300.  

 

BCH/USD daily chart  

 
 

Spot rate:                   426.9

Relative change:       -5.70%

High:                          464.5

Low:                           420.0

 

Trend:                        Bearish

 

Support 1:                  414.2, critical daily support.

Support  2:                  400.0,  psychological  level.

Support  3:                  345.7,  daily pivot point support.

Resistance  1:             494.2, 50DMA.

Resistance  2:             517.8, daily pivot point resistance.  

Resistance  3:             586.0,  daily pivot point resistance.  

 

BCH/USD 60-minute chart

  • Price action moving within a rising wedge pattern, as seen on a 60-minute chart view.

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