Bitcoin Cash technical analysis: BCH/USD head and shoulders structure eyed

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  • Bitcoin Cash price on Thursday is trading in negative territory by 4.25%. It is one of the under-performers across the larger altcoins.
  • BCH/USD price action had done little over the past two weeks, narrowing, However that has come to a change with the recent breakout south, from the range and the pennant. 
  • The price formation via the daily is producing a potential head and shoulders structure. 

 

Spot rate:                  279.80

Relative change:      -4.25%

High:                         291.82

Low:                          276.41

BCH/USD daily chart

  • The price has extended out from a bearish pennant structure, as price heads towards a neckline of a h & s pattern.

BCH/USD 60-minute chart

  • Price action has broken out from a narrowing range, $3150-300, which invited a strong wave of pressure. 

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