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Bitcoin Cash technical analysis: BCH/USD big breakout and retest of bearish flag

  • Bitcoin Cash price is trading in the red, with deep losses of 9.10%  the session on Wednesday.
  • BCH/USD daily price action broke out and retested a bearish flag structure. 
  • The big psychological $200 price mark is being tested to the downside. 
Bitcoin Cash technical analysis: BCH/USD big breakout and retest of bearish flag
Ken ChigboKen ChigboIndependent Analyst

BCH/USD daily chart

Price action via the daily chart view broke out and retested a bearish flag structure. 

BCH/USD 60-minute chart

Large sell orders kicked into play after the price was hit within the $235 territory, inviting a strong bout of selling pressure. 

Spot rate:                  230.58

Relative change:      -1.45%

High:                         227.76

Low:                          197.93

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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