- Bitcoin Cash running heavy losses on Thursday of some 4%, after a breakout on Wednesday from a supporting trend line.
- BCH/USD made a retest of the breached trend line in the session, failing to move back above.
- Should the bulls not manage to break back through the ascending trend line, then bears are likely to pile in on the selling.
BCH/USD 4-hour chart
Spot rate: 533.1
Relative change: -3.90%
High: 557.6
Low: 525.6
Trend: Bearish
Support 1: 525.5, support on 4-hour chart & today’s (Wednesday) low.
Support 2: 519.0, consolidation area of 25 August.
Support 3: 509.4, double bottom area 20-22 August.
Resistance 1: 535.4. 50MA.& underneath breached trend line.
Resistance 2: 536.4, 100MA.
Resistance 3: 546.7, 25th August.
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