Bitcoin Cash Technical  Analysis: BCH/USD bears sweep in and remove the bull horns, as price heavily retreats

• Bitcoin Cash price was seen licking its wounds in the latter stages of trading on Friday, down over 5%.
• BCH/USD is forced to seek support on a near-term ascending trend line, in order to protect $500 mark.
• Bitcoin Cash saw a chunky rally in the back end of Thursday, after reports Bitmain is to IPO.  

BCH/USD 60-minute chart  

Spot rate:                   535.6

Relative change:       -5.17%

High:                          577.0

Low:                           531.1

Trend:                         Bearish

Support 1:                  534.50, ascending trend line.

Support 2:                  516.75, demand zone.

Support 3:                  500.00,  pyscological  support.

Resistance  1:             561.00, upper part of pennant pattern.

Resistance  2:             570.50 ,supply area.

Resistance  3:             589.75, 27th September high.