Bitcoin Cash technical analysis: BCH/USD heading for big retest of breached weekly flag

Bitcoin Cash price is trading in the green, with gains of 3.40% in the second half of the session.
BCH/USD bears smashed out of a daily bearish pennant structure, inviting fresh selling.
To the downside, next major weekly support levels eyed at $160, $150 and then $120.

Ken Chigbo Independent Analyst

BCH/USD weekly chart

The price is subject to retest a breached flag structure, following the initial flag back in November. Support should be noted at $160, the upper acting trend line.

BCH/USD daily chart

Price action has breached a bearish pennant pattern, which has seen consistent selling since.

Spot rate: 181.97

Relative change: -3.40%

High: 183.74

Low: 169.62

Author

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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