Bitcoin Cash market overview: BCH/USD is currently consolidating in a flag formation
- BCH/USD is currently priced at $309.70 following a bearish start to the day.
- The Elliot oscillator has ad a bearish session after five straight bullish sessions.
BCH/USD has had a bearish start to the day and is currently trending in a flag formation. This Thursday, BCH/USD reached a low of $267.35, before going up to $315.15. Presently, it is trading for $309.70. The hourly breakdown shows that the price went down to $288.35, where it found support and then went up to $319.35. After that, it settled to $309.70.
BCH/USD daily chart
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The daily price chart has had a bearish breakout from the triangle formation. The 20-day simple moving average (SMA 20) and SMA 50 curves are trending above the BCH/USD price chart. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum as the MACD line crosses over with the signal line. The Elliot oscillator has ad a bearish session after five straight bullish sessions.
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.
