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Bitcoin Cash technical analysis: BCH/USD bears force critical flag breakout

  • Bitcoin Cash price is trading in the red, with losses of 0.80% in the second half of the session.
  • BCH/USD bears have forced a daily breakout of a bearish flag structure.
  • The critical daily support is eyed at $200, a breach could be damaging. 
Bitcoin Cash technical analysis: BCH/USD bears force critical flag breakout
Ken ChigboKen ChigboIndependent Analyst

BCH/USD daily chart

The bears have made a step towards a breakout of a narrowing range, allowing room for further downside pressure. 

BCH/USD 60-minute chart

Near-term price action is consolidating, a high up at $209 with support at $204, $5 range, ahead of next committed move. 

Spot rate:                 205.48

Relative change:      -0.80%

High:                          208.15

Low:                           204.02

Author

Ken Chigbo

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.

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