Bitcoin Cash Price Analysis: BCH/USD bears drop price below channel formation

BCH/USD drops down after encountering resistance at $309.
The SMA 20 is looking to cross over the SMA 200 to chart bullish cross pattern.

Rajarshi Mitra Independent Analyst

BCH/USD daily chart

BCH/USD faced bearish correction after two straight bullish days. BCH/USD dropped from $309 to $305.20 this Friday. In the process, it fell below the upward channel formation. The SMA 20 is looking to cross over the SMA 200 to chart bullish cross pattern. The MACD shows decreasing, yet sustained bullish momentum, while the RSI is trending around 64.25, next to the overbought zone.

BCH/USD has strong resistance levels at $309 and $319.45. On the downside, we have healthy support levels at $297, $283.50 and $272.20 (SMA 20 and SMA 200).

Key levels

BCH/USD

Overview
Today last price	305.2017
Today Daily Change	-3.8734
Today Daily Change %	-1.25
Today daily open	309.0751

Trends
Daily SMA20	267.5458
Daily SMA50	245.3683
Daily SMA100	244.7907
Daily SMA200	272.8491

Levels
Previous Daily High	319.7576
Previous Daily Low	287.5641
Previous Weekly High	306.6192
Previous Weekly Low	244.4436
Previous Monthly High	306.6192
Previous Monthly Low	215.8202
Daily Fibonacci 38.2%	307.4597
Daily Fibonacci 61.8%	299.862
Daily Pivot Point S1	291.1736
Daily Pivot Point S2	273.2721
Daily Pivot Point S3	258.9802
Daily Pivot Point R1	323.3671
Daily Pivot Point R2	337.6591
Daily Pivot Point R3	355.5606

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.

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Bitcoin Cash Price Analysis: BCH/USD bears drop price below channel formation