- Following two straight bearish days, BCH/USD is currently trending around $307.65.
- Moving average convergence/divergence (MACD) and Elliot oscillator both shows bearish tendency.
BCH/USD dropped from $309.25 to $307.85 in the early hours of Saturday. This Friday, the price went down from $314.25 to $309. The hourly price breakdown shows us that the bears took the price down to $304.25, where it found support. The price bounced up a bit and has pretty much trended horizontally since then. The daily chart shows that the bulls got rejected twice at the $347.45 resistance level, charting a double top pattern. Since then, the price plummeted and is trending in a flag formation.
BCH/USD daily chart
The daily price chart is trending above the 200-day simple moving average (SMA 200) curve and below the SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows two straight bearish sessions. The Elliot oscillator has had two bearish sessions following five consecutive bullish sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.