Bitcoin Cash technical analysis: BCH/USD bears smash out from bearish flag structure

Bitcoin Cash price is trading in the red, with losses of 3.05% the session on Thursday.
BCH/USD bears have forced their way out of a bearish flag structure, leaving the door open to further selling pressure.
The price must hold the retest or be forced back within the narrow range and be subject to further downside.

Ken Chigbo Independent Analyst

BCH/USD daily chart

The bears remain firmly in control of the trend, as the price consolidates, another drop may be on the cards.

BCH/USD 60-minute chart

A breakout from the bearish flag via the 60-minute puts the $200 price at risk.

Spot rate: 238.74

Relative change: -3.05%

High: 229.06

Low: 217.04

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.

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