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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 red, with losses of 0.85% in the second half of the session.
  • BCH/USD pressure is back on the downside, after a potential short squeeze in the prior session. 
  • There is a risk of reversal if the bulls do not further capitalize on the gains of Thursday. 
Bitcoin Cash Price Analysis: BCH/USD spikes to make new highs for the week
Ken ChigboKen ChigboIndependent Analyst

BCH/USD daily chart

A retest and rejection have so far been observed of a breached daily flag structure. Leaving the door open to further potential moves south. 

BCH/USD 60-minute chart

The pressure is back on the downside, following a near-term trend line of support breach. 

Spot rate:                220.97

Relative change:    -0.85%

High:                        233.56

Low:                         215.94

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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