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Bitcoin Cash technical analysis: BCH/USD bulls retest of the breached flag could be punishing

  • Bitcoin Cash price on Tuesday is trading in the red, down some 2.70%. 
  • BCH/USD price action is retesting a breached flag pattern formation seen via the daily.
  • A rejection could be harmful should the bulls fail to break back above. 
Bitcoin Cash technical analysis: BCH/USD bulls retest of the breached flag could be punishing
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 316.22

Relative change:      -2.70%

High:                        326.27

Low:                         311.00

BCH/USD daily chart

  • Price action broke out of a key flag formation and has since retested and faced rejection. 

BCH/USD 60-minute chart

  • The price is moving within a narrowing rising wedge structure/flag as the price consolidates, subject to a breakout.

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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