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Bitcoin Cash technical analysis: BCH/USD bullish flag or channel of death

  • Bitcoin Cash price is trading in the red, down over 4% the session on Tuesday.
  • BCH/USD price action is descending, moving within a channel structure, which can also be perceived as a bullish flag. 
  • The price is trading ever so close to a critical ascending trend line of support.
Bitcoin Cash technical analysis: BCH/USD bullish flag or channel of death
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  298.51

Relative change:      -4.10%

High:                         315.14

Low:                          291.04

BCH/USD 60-minute chart

  • Price action stuck within a descending channel structure, which could also potentially be a bullish near-term flag.

BCH/USD daily chart

  • The price is flirting with a critical ascending trend line of support, a breach could cause a stronger wave of selling pressure. 

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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