Bitcoin Cash technical analysis: BCH/USD bulls firmly capitalised on a technical pennant; gains over 5%

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  • Bitcoin Cash price late on Wednesday is trading in the green by over 5%. 
  • BCH/USD daily price action extended to the upside after breaking out from a bullish pennant. 
  • A daily closure above the psychological $500 mark could leave the door open to further buying pressure. 

 

Spot rate:                 502.24

Relative change:      +5.25%

High:                        514.88

Low:                         473.16

 

BCH/USD 60-minute chart

  • BCH/USD is set to retest a breached range-block formation, where $500 is seen at the top of this structure. 

BCH/USD daily chart

  • The bulls have extended to the upside following a daily breakout of a pennant formation. 

 

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