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BCH/USD Technical Analysis: Market keeps crawling along

Rajarshi Mitra Independent Analyst

BCH/USD daily chart

BCH/USD had a bearish breakout from a triangle formation and is currently trading for $127.50.
The market is sandwiched between the 20-day simple moving average (SMA 20) and SMA 50.
The SMA 20 has already crossed over the SMA 50 which is a sell sign.

BCH/USD 4-hour chart

The BCH/USD 4-hour chart shows that the market is trending in the middle of the 20-day Bollinger band. Even though the last session is bearish, this indicates that the bears don’t have much momentum.
The moving average convergence/divergence (MACD) shows that bearish momentum has reversed.

BCH/USD hourly chart

The Elliot wave oscillator in the hourly BCH/USD chart shows that the market’s volatility is decreasing.
The relative strength index (RSI) graph is trending in the neutral zone.

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

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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