Bitcoin Cash price analysis: BCH/USD bulls eke out the bears, look to re-enter the $400-zone
|- BCH/USD has gone up from $383.20 to $398.65 this Wednesday.
- Overall, the market sentiment still looks bearish.
BCH/USD has gone up by 4% this Wednesday as the price jumped up from $383.20 to $398.65. As the markets opened this Wednesday, the bulls were able to push the price up to $410. After that, the bulls lost steam and the bears plunged the price down to $386. The bulls then immediately took the price up to $396, after which it has pretty much trended horizontally.
BCH/USD daily chart
- The price is currently trending below the 20-day simple moving average (SMA 20) curve and above the SMA 50 and SMA 200 curves.
- The market found support on the upward trending line and bounced back up this Wednesday.
- The 20-day Bollinger band has widened a bit which hints that the volatility of the market is increasing.
- The moving average convergence/divergence (MACD) indicator has had six straight bearish sessions with increasing intensity.
- The Elliot oscillator has also had seven straight bearish sessions, showing that the overall market sentiment is bearish.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.