RATE Group | BCH/USD heading for big retest of breached weekly flag
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BCH/USD heading for big retest of breached weekly flag

18 Dec BCH/USD heading for big retest of breached weekly flag

Posted at 17:09h in Bitcoin News by

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  • 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.

 

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    

 

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