- BCH broke down on the medium term chart.
- Short term supports around, long term still down.
Bitcoin Cash, the ambitious cousin of largest crypto, Bitcoin, lost a crucial support on the short term charts and lost about 15 percent this week has some support around the corner, but not enough to avert the long term bearish downtrend.
BCH/USD is down nearly 1 percent on day at $469.49 and trading in about 2 percent range for the day. On the 240-minute chart, a crucial ascending trendline support has been broken earlier this week and it has some long term support around current prices which may help prices bounce a bit.
Although, these supports are not strong enough to avert the long term bearish downtrend that hasn’t stopped for the crypto world.
BCH/USD 240-minute chart:
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