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Bitcoin Cash technical analysis: BCH/USD fails to build on the upside opportunity

  • Bitcoin Cash price is trading in the red, with marginal losses of 1.45% the session on Tuesday.
  • BCH/USD daily price action is retesting a bearish flag structure which the bulls managed to force a daily closure out of on Monday.
  • If the retest fails to hold, then it will likely be another fakeout, as seen in some 10 days ago. 
Bitcoin Cash technical analysis: BCH/USD fails to build on the upside opportunity
Ken ChigboKen ChigboIndependent Analyst

BCH/USD daily chart

The price is retesting a breached bearish flag structure via the daily chart view.

BCH/USD 60-minute chart

Upside momentum has been run its course, as the price runs into heavy hourly supply within $235 region. 

Spot rate:                  230.58

Relative change:      -1.45%

High:                         234.34

Low:                          228.20

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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