Rajarshi Mitra
Independent Analyst
- William’s %R is trending inside the oversold zone, indicating that BCH/IUSD may experience bullish correction soon.
- The SMA 50 is looking to cross over SMA 20 to chart a bearish cross pattern.
- BCH/USD faces resistance at the SMA 50, SMA 20, $245.80, $264.25 and SMA 200.
BCH/USD daily chart
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BCH/USD dropped from $228 to $226.57 as the price faced its fourth straight bearish day. As with the rest of the crypto market, BCH/USD had a devastating Thursday as well, where it plummeted from $239.70 to $228. The SMA 50 is looking to cross over SMA 20 to potentially chart a bearish cross pattern. William’s %R is trending inside the oversold zone, indicating that BCH/IUSD may experience bullish correction soon.
The bulls need to overcome resistance at SMA 50, SMA 20, $245.80, $264.25 and SMA 200 to reverse the current bearish market sentiment completely. The bears have to aim for the $215.20 and $203.05 support levels to maintain downward momentum.
Key levels
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