BCH/USD sentiment analysis: Market remains bearish as BCH/USD opens at $127 this Wednesday

BCH/USD daily chart

• BCH/USD has had a bearish breakout from a triangle formation.
• Bulls will need to defend immediate support which lies at $127.

BCH/USD 4-hour chart

• The BCH/USD 4-hour chart is trending in the middle of the 20-day Bollinger band which indicates that the market is not strongly bearish.
• The 20-day simple moving average (SMA 20), SMA 50, and SMA 200 curves are all trending above the market, which indicates a bearish market.
• The SMA 200 has already crossed over the SMA 50 curve which is called a “death cross” and is a strong sell signal. 

BCH/USD hourly chart

• The Ichimoku indicator shows an upcoming thick bearish cloud for the BCH/USD hourly market.
• The Elliot wave’s latest session is bullish even though majority sentiment remains bullish.

Key Levels

• Resistance 3: $132.4006
• Resistance 2: $130.4683
• Resistance 1: $128.9942
• Pivot Point: $127.0619
• Support 1: $125.5877
• Support 2: $123.6554
• Support 3: $122.1813