Bitcoin Cash market overview: Buyers and sellers cancel each other as BCH/USD keeps plodding along
- BCH/USD is currently priced at $219.15 in the early hours of Friday.
- The Relative Strength Index (RSI) indicator can’t creep out of the oversold zone.
BCH/USD bears crept ahead of the bulls as the price continued its horizontal movement. The price has continued to consolidate itself in a flag formation, waiting for a potential breakout. The hourly breakdown shows us that BCH/USD had dropped to $218.80 before correcting itself around $222.65 as Thursday came to a close. As soon as the Friday session began, the bears managed to drop BCH/USD from $222.65 to $220.35, before falling a little bit further to $219.15.
BCH/USD daily chart
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The price is trending below the 200-day, 50-day and 20-day Simple Moving Average (SMA 200, SMA 50 and SMA 20) curves. The 20-day Bollinger jaw keeps widening, indicating increasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator shows decreasing bearish momentum, while the Relative Strength Index (RSI) indicator is trending at the edge of the oversold zone.
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.
