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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. 
Bitcoin Cash Price Analysis: BCH/USD spikes to make new highs for the week
Ken ChigboKen ChigboIndependent Analyst

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

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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