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

• 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.