Rajarshi Mitra
Independent Analyst
BCH/USD daily chart
-636889006784722163.png)
- BCH/USD market opened at $155.75 this Saturday.
- The price is currently consolidating in a flag formation before a potential breakout.
- Immediate resistance lies at $170 and support at$145.
- According to the moving average convergence divergence (MACD) indicator, the MACD line is going to cross over with the control line, which shows upcoming bearish momentum.
- The relative strength index (RSI) is trending right next to the overbought territory.
BCH/USD 4-hour chart
-636889007041715164.png)
- The 4-hour BCH.USD chart shows that the price is sitting on the support provided by the 20-day simple moving average (SMA 20) curve.
- The market is still trending above the SMA 50 and SMA 200 curves.
- There is a slight squeeze in the 20-day Bollinger band which shows slightly decreasing market volatility.
BCH/USD hourly chart
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- The market is struggling to break past the resistance provided by the green cloud of the Ichimoku indicator.
- The last five sessions of the Elliot wave oscillator have all been bearish with decreasing intensity.
Key Levels
- Resistance 3: $167.9172
- Resistance 2: $163.3362
- Resistance 1: $159.6521
- Pivot Point: $155.0710
- Support 1: $151.3869
- Support 2: $146.8058
- Support 3: $143.1217
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