Bitcoin Cash Price Analysis: BCH/USD bearish flag pattern break threatens return to $190


  • Bitcoin Cash gives up $210 support as sellers eye $190.
  • The impact of the broken flag pattern support could be detrimental for BCH in the near future.

The cryptocurrency space is forced to deal with acute selling pressure mid-through the week’s trading. The declines' streak has not slowed down since Friday last week. For instance, Bitcoin Cash revisited $210 support from highs around $228. A shallow recovery tested $215 but failed to push towards $220 crucial hurdle.

Meanwhile, the ongoing overwhelming selling activity has sent Bitcoin Cash below the short-term bearish flag pattern. The impact of the break saw the price touch $203.88, leaving $200 untested.

Bitcoin Cash is trading at $205 amid increasing selling pressure. The RSI is diving sharp into the oversold, signifying the magnitude of the bearish pressure. Holding tight onto the mean line is the MACD, whose recovery fizzled out on stepping into the positive region. If the technical picture remains intact, Bitcoin Cash could smash through $200 support and grind towards $190 buy zone.

BCH/USD 4-hour chart

 

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