Rajarshi Mitra
Independent Analyst
- BCH/USD has gone up from $383.20 to $398.65 this Wednesday.
- Overall, the market sentiment still looks bearish.
BCH/USD has gone up by 4% this Wednesday as the price jumped up from $383.20 to $398.65. As the markets opened this Wednesday, the bulls were able to push the price up to $410. After that, the bulls lost steam and the bears plunged the price down to $386. The bulls then immediately took the price up to $396, after which it has pretty much trended horizontally.
BCH/USD daily chart
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- The price is currently trending below the 20-day simple moving average (SMA 20) curve and above the SMA 50 and SMA 200 curves.
- The market found support on the upward trending line and bounced back up this Wednesday.
- The 20-day Bollinger band has widened a bit which hints that the volatility of the market is increasing.
- The moving average convergence/divergence (MACD) indicator has had six straight bearish sessions with increasing intensity.
- The Elliot oscillator has also had seven straight bearish sessions, showing that the overall market sentiment is bearish.
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