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BCH/USD technical analysis: Trend structure still looks bearish

  • BCH/USD still looks like it is in a downtrend at the moment and 200 could be under threat.
  • Below 200 there is a trendline support that could come into play is the bears push price hard.
BCH/USD technical analysis: Trend structure still looks bearish
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

Bitcoin Cash is making consecutive lower lows and lower highs at the moment as the bearish phase continues. 

The BCH/USD price is still under the main value area on the chart where most contracts have been traded.

The relative strength index is still looking depressed and hit the oversold level last week. 

Now there seems to be a slight bear flag formation forming ahead of the 200 psychological support level.

Volume has been light on the sell-side but the price is still hitting lower levels.

Bitcoin Cash Analysis

BCH/USD

Overview
Today last price221.4705
Today Daily Change-8.8085
Today Daily Change %-3.83
Today daily open230.279
 
Trends
Daily SMA20238.0096
Daily SMA50276.215
Daily SMA100304.8289
Daily SMA200323.6083
 
Levels
Previous Daily High240.3
Previous Daily Low229.3194
Previous Weekly High235.7682
Previous Weekly Low212.0442
Previous Monthly High333.7339
Previous Monthly Low202.6094
Daily Fibonacci 38.2%233.514
Daily Fibonacci 61.8%236.1054
Daily Pivot Point S1226.2989
Daily Pivot Point S2222.3188
Daily Pivot Point S3215.3183
Daily Pivot Point R1237.2796
Daily Pivot Point R2244.2801
Daily Pivot Point R3248.2602

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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