Rajarshi Mitra
Independent Analyst
- 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
-637016136705744194.png)
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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Base attracts Lion’s share of Ethereum deposits among Layer 2 chains, beats Optimism in TVL
Base, Coinbase’s Ethereum Layer 2 chain, has noted a spike in inflows to its blockchain this week. Nearly $20 million in Ether flowed into Base since Monday, nearly two times that of Arbitrum and five times as much as Optimism, its competitors in the scaling ecosystem.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple lawsuit develops further as redacted version of SEC filing goes public. Ripple, SEC and related parties will file motions to seal material from the remedies-related filings by May 13.
FET suffers 2% decline as whales deposit Fetch.AI tokens to exchanges
Fetch.AI (FET) token will be the reserve currency of the Superintelligence Alliance (ASI), a merge of three Artificial Intelligence (AI) projects: Fetch.AI, Ocean protocol and SingularityNET.
Ethereum resume sideways move as Grayscale files to withdraw Ethereum futures ETF application with the SEC
Grayscale has withdrawn its 19b-4 application for an Ethereum futures ETF. SEC Chair Gensler says several crypto assets are securities as he waives off ETH classification question.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.