Bitcoin Cash BCH Technical Analysis: BCH/USD a catastrophe is round the corner

• Bitcoin Cash price nursing chunky losses of some 5.7% into the second half of Thursday’s session. 
• BCH/USD testing a critical area of support, seen just below $415, this has provided support in September and October. 
• A breach by the bears at the above-mentioned area, could see a free-fall to $300. 

 

BCH/USD daily chart 

 
 

Spot rate:                  426.9

Relative change:      -5.70%

High:                         464.5

Low:                          420.0

 

Trend:                       Bearish

 

Support 1:                 414.2, critical daily support.

Support 2:                 400.0, psychological level.

Support 3:                 345.7, daily pivot point support.

Resistance 1:            494.2, 50DMA.

Resistance 2:            517.8, daily pivot point resistance. 

Resistance 3:            586.0, daily pivot point resistance. 

 

BCH/USD 60-minute chart

• Price action moving within a rising wedge pattern, as seen on a 60-minute chart view.