Bitcoin Cash price analysis: BCH/USD finds support at the SMA 20 curve
|- BCH/USD fell from $289.15 to $284.80 this Wednesday.
- The Elliott Oscillator has had eight straight red sessions.
BCH/USD is on course of charting two straight bearish sessions. This Wednesday, BCH/USD fell from $289.15 to $284.80 and has fallen further to $284.25 so far this Thursday. The hourly breakdown of Wednesday shows us that after encountering intraday resistance at $288.10, the price has been on a steady decline. The 20-day Bollinger jaw has narrowed, which indicates decreasing market volatility. The price has found immediate support at the 20-day Simple Moving Average (SMA 20) curve.
BCH/USD daily chart
The Moving Average Convergence/Divergence (MACD) indicator shows increasing bearish market momentum, while the Elliott Oscillator has had eight straight red sessions. The Relative Strength Index (RSI) indicator is trending around 53.85.
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