Bitcoin Cash Technical Analysis: BCH/USD profit taking could be damaging

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  • Bitcoin Cash price late on Thursday is trading deep in the red down some 4.5%. 
  • Profit-taking appears to have kicked in, resulting in some deep selling for  BCH/USD. 

 

Spot rate:                150.79

Relative change:      -4.50%

High:                        159.51

Low:                         146.38

 

Trend:                       Bearish

 

BCH/USD 60-minute chart

  • Price action has been prevented from a free-fall thanks to near-term demand via the 60-minute view, $146-147. 

BCH/USD daily chart

  • Heavy supply observed via the daily chart view from $165-160, as touted profit-taking comes into place. 

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