Bitcoin Cash market overview: BCH/USD sandwiched between SMA 200 and downward trending line
- BCH/USD fell from $307.85 to $306 in the early hours of Wednesday.
- The Elliott Oscillator shows two straight bearish sessions.
BCH/USD has had two straight bearish days in a row. In the early hours of Wednesday, the price of BCH/USD has fallen from $307.85 to $306. This Tuesday, the price has fallen from $310.65 to $308.60. The hourly breakdown shows that the price fell from $310.65 to $305 this Tuesday before the bulls rallied back and took BCH/USD back up to $307. The bears then re-entered and took the price down to $304.60. The buyers came back strongly and spiked the price up to $312.15 before it corrected around $306.
BCH/USD daily chart
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The daily BCH/USD chart has found resistance on the downward trending line and is trending below the 20-day simple moving average (SMA 20) and the SMA 50 curves. The market has found on the SMA 200 curve. The moving average convergence/divergence (MACD) has had eight bearish sessions. The relative strength index (RSI) indicator is trending around 45.75. The Elliott oscillator has had two straight bearish 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.
