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

  • Bitcoin Cash price is trading in negative territory, nursing losses of some 0.70% on Friday.
  • BCH/USD has retested a breached bearish flag structure, leaving the door open to further downside pressures. 
  • The price appears to be vulnerable to further downside pressure, given the technical behaviour. 
Bitcoin Cash technical analysis: BCH/USD big retest of breached bearish flag
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 312.48

Relative change:      -1.70%

High:                        316.37

Low:                         297.70


 

BCH/USD daily chart

  • Price action has seen a retest of a breached bearish flag structure, which leaves BCH vulnerable to further downside pressures. 

BCH/USD 4-hour chart

  • The price via the 4-hour is moving within a bearish pennant structure, as BCH narrows. 

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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