Bitcoin Cash technical analysis: BCH/USD selling may not be over just yet

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  • Bitcoin Cash price is trading in the red, with losses of 5.00% in the second half of the session.
  • BCH/USD price action is consolidating following the fresh heavy selling pressure.
  • Price action moving within another near-term bearish pennant structure.

 

BCH/USD daily chart

Critical demand zone should be noted at a range of $280 down to $270.

 

BCH/USD 30-minute chart

Near-term is subject to further potential downside pressure, as price moves within pennant pattern. 

 

Spot rate:                 290.35

Relative change:      -5.00%

High:                         294.79

Low:                          269.14

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