Bitcoin Cash Price Analysis: BCH/USD spikes to make new highs for the week
- Bitcoin Cash price is trading in the green, with gains of 7.45% in the second half of the session.
- BCH/USD saw some big buying come into play just ahead of the psychological $200 price territory.
- A retest of the breached bear flag structure should be eyed, as it is a critical retest.
BCH/USD daily chart
Price action has made a pop out of a near-term bull flag pattern, at the same time, is retesting a breached bearish flag, which had occurred on 10 April.
BCH/USD 60-minute chart
A surge of buying pressure came into play early in the European session, a very much unexpected move, observed across the market. There was no real sign of any significant support area being touched for a technical explanation. Recent price action has formed a narrowing triangular structure, subject to a breakout.
Spot rate: 220.97
Relative change: +7.45%
High: 238.98
Low: 206.35
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
