Bitcoin Cash price analysis: BCH/USD bulls eke out the bears, look to re-enter the $400-zone

  • 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

  • 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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