Bitcoin Cash Technical Analysis: BCH/USD falls below the $400 level

BCH/USD Daily Chart

• BCH/USD went down from $416.85 to $396.
• The price had a bearish break out from the flag formation.
• On the downside, the nearest support level lies at $385.
• The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The daily BCH/USD price finds support on the upward trending line.
• The relative strength index (RSI) indicator has crept out of the overbought zone.

BCH/USD 4-Hour Chart

• The 4-hour BCH/USD market has had a bearish breakout from the triangle formation.
• The 20-day Bollinger band has narrowed, which shows decreasing market volatility.
• The latest bearish session has breached the lower curve of the Bollinger band.
• The price is trending below the SMA 20 curve and above the SMA 50 and SMA 200 curves.
• The moving average convergence/divergence (MACD) indicator shows six consecutive bearish sessions.

BCH/USD Hourly Chart

• The hourly BCH/USD price has had a bearish breakout from the red cloud of the Ichimoku indicator.
• The future market sentiment will remain bearish as per the Ichimoku red cloud.
• The market found support on the $388 line and then bounced back up.
• The Elliot Oscillator shows four consecutive bearish sessions.

Key Levels