Bitcoin Cash Technical Analysis: BCH/USD dealt a hammer blow by bears, forced to receive support from key near-term area $BCH

  • Bitcoin Cash (BCH) price dealt another blow on Wednesday, down over 1.5% in the latter stages of the session.
  • BCH/USD forced to retreat and receive support from a near-term ascending trend line.

 

 

BCH/USD 60-minute chart 

 
 

Spot rate:                  513.3

Relative change:      -1.55%

High:                         520.5

Low:                          509.1

 

Trend:                       Bearish

 

Support 1:                510.5, ascending trend line.

Support 2:                503.1, 6 October low.

Support 3:                500.0, psychological support level.  

Resistance 1:           522.0, resistance on 60-minute chart.

Resistance 2:           532-535.0, supply zone.

Resistance 3:           550.0, heavy supply area.

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