Bitcoin Cash Technical Analysis: BCH/USD has broken out of near-term support, but price action is muted, another big move potentially pending

• “‹”‹”‹”‹”‹Bitcoin Cash price on Friday is hit once again by the market bears, as has been the case this week, down 4% on the day.
• BCH/USD breached a supporting channel pattern, however a lack of movement since the break.
• It will be the second consecutive week of losses for Bitcoin Cash, dropping from $1200 down to current levels.

BCH/USD 60-minute chart

Spot rate:                                     97.24

Relative change:               -3.55%

High:                                                       100.85

Low:                                                       96.64

Trend:                                                   Bearish

Support 1:                                 850.0, (support on 60-minute chart).

Support 2:                                   840.0, 23.6% Fibonacci

Support 3:                                   801.0, 13^th June low.

Resistance 1:                        861.6, 50MA.

Resistance 2:                        865.0, 38.2% Fibonacci.    

Resistance 3:                        878.5, underneath channel pattern.