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Bitcoin Cash Technical Analysis: BCH/USD bulls break stubborn resistance to gains over 5%

  • Bitcoin Cash price on Wednesday seen up some 5% in the latter part of the session.
  • BCH/USD bulls have cleared a long-running descending trend line, leaving door open to greater upside.  

BCH/USD 15-minute chart

  • Price action has broken out to the upside from a pennant pattern structure.  

 

Spot rate:                 132.81

Relative change:       +5.02%

High:                          134.94

Low:                           126.58

 

Trend:                        Neutral

 

Support 1:                 118.55, daily pivot point support.

Support 2:                 109.72, daily pivot point support.

Support 3:                 103.51, daily pivot point support.

Resistance 1:            133.59, daily pivot point resistance.

Resistance  2:            139.81, daily pivot point resistance.

Resistance  3:            148.63, daily pivot point resistance.

 

BCH/USD 60-minute chart

  • Price action is moving within the confinements of a range block formation.  

BCH/USD daily chart

  •  BCH/USD daily edges over long-running descending trend line, but still stuck in stubborn daily range.

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