BCH/USD Technical Analysis: Bearish breakout on the horizon
- Bears have overtaken the bulls in the BCH/USD market.
- Technical analysis shows that a bearish breakout is on the horizon.
BCH/USD daily graph
- The BCH/USD daily chart forms a triangle which is ripe for a breakout.
- Short-term resistance lies at $121.50 which the bulls need to break through.
BCH/USD 4-hour graph
- The upward trending line has acted as strong support for the last 8 sessions.
- The 20-day simple moving average (SMA 20) curve is trending along the BCH/USD market and it looks like the curve will overtake the market soon. This indicates a bearish trend.
BCH/USD hourly graph
- The SMA 20 and SMA 50 curves cross over on Monday, February 4. This is an indicator of a bearish market.
- Bulls need to break through the resistance provided by the downward trending line to reverse the trend.
Key Levels
- Resistance 3: $121.6093
- Resistance 2: $120.3149
- Resistance 1: $118.8444
- Pivot Point: $117.5500
- Support 1: $116.0796
- Support 2: $114.7852
- Support 3: $113.3147
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
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