Bitcoin Cash technical analysis: BCH/USD demonstrating vulnerabilities within narrowing daily range block

• Bitcoin Cash price is trading in the red, down over 2.25% the session on Wednesday.
• BCH/USD price action is moving within a narrowing range-block formation via the daily.
• The range should be noted at a high of $350, down to a low of $275.

Spot rate:                   294.03

Relative change:       -2.25%

High:                          301.64

Low:                           292.26

BCH/USD daily chart

• Price action is moving within a narrowing range-block formation, consolidating from the start of July.  

BCH/USD 60-minute chart

• The bears have broken out from an ascending channel formation via the 60-minute view.