BCH/USD is undergoing retest of critical $220 mark

Fibo Quantum

  • Bitcoin Cash price is trading in the red, with losses of 3.50% in the second half of the session.
  • BCH/USD continues to be at risk of another fall, given bearish flag structure via the daily.
  • There is still much supply within the region of $225-50 that the bulls will need to break down. 

BCH/USD daily chart

The daily candle closed above a barrier that had been capping upside for five sessions, this was seen at $220. However, a retest is being observed at the time of writing. 

BCH/USD 60-minute chart

Price action is narrowing via the 60-minute chart view, is moving within a bearish flag structure, subject to a breach. 

Spot rate:                220.78

Relative change:    -3.20%

High:                        231.08

Low:                         213.47