Rajarshi Mitra
Independent Analyst
- The Elliott Oscillator has had seven straight green sessions.
- The Relative Strength Index (RSI) is trending around 36.55.
BCH/USD has dropped from $206.65 to $206 in this early hours of Wednesday and is on course to chart its third straight bearish day. The hourly breakdown of Tuesday and Wednesday shows us that while the bears have been mostly dominant, the bulls have tried to fight back at critical points to make sure that the price drop doesn’t go out of control. This Tuesday, the hourly price was trending horizontally for a while, before it dropped from $208.40 to $204.20 in just five hours. The bulls then picked the price up to $205.85 immediately to restore some balance. The buyers remained in control, to take the price up to $206.65 to end the day on a high. In the early hours of Wednesday, the hourly price went up to $207.85 where it encountered intraday resistance and fell to $206, as of press time.
BCH/USD daily chart
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The 20-day Simple Moving Average (SMA 20) curve acts as immediate market resistance, while the 20-day Bollinger jaw has narrowed considerably to indicate decreasing price volatility. The Elliott Oscillator has had seven straight green sessions, while the Relative Strength Index (RSI) is trending around 36.55. The bulls will need to defend the $202.70 support line to ensure that the price doesn’t drop below the Bollinger band.
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