Bitcoin Cash technical analysis: BCH/USD bulls have large opportunity to move to greater heights
- Bitcoin Cash price is trading in the red, up with losses of 3.25% the session on Thursday.
- BCH/USD bulls managed to break free from a bearish pennant structure and is at present seeing a retest.
- The price must hold the retest or be forced back within the narrow range and be subject to further downside pressure.
BCH/USD daily chart
There is plenty of room for the price to push firmly back within the $300 territory, given the recent pennant breakout.
BCH/USD 60-minute chart
A critical ascending trend line of support is tracking at $230-228, it could also be a potential head and shoulders structure.
Spot rate: 238.74
Relative change: -3.25%