Bitcoin Cash price analysis: BCH/USD continues freefall as it approaches critical $264.50 support level
- BCH/USD went down from $280.40 to $274.50 in the early hours of Friday.
- The price has crept below the lower curve of the 20-day Bollinger band.
BCH/USD is on the course of having four straight bearish days in a row. So far this Friday, BCH/USD has gone down from $280.40 to $274.50. In the last four days, the price fell from $310.65 to $274.50. The two latest sessions have taken the price below the lower curve of the 20-day Bollinger band, which indicates that BCH/USD is currently underpriced and awaits bullish correction. The hourly breakdown shows that BCH/USD fell from $276.60, where it met support and went up to $282.35. Since then, it went down to $279.40, trended horizontally for a bit and then fell to $274.50. The bulls will want to rally together and fight back as BCH/USD approaches the critical $264.50 support level.
BCH/USD daily chart
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The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The 20-day Bollinger jaw is widening, indicating increasing market volatility. The Elliott oscillator shows four straight bearish sessions, while the relative strength index (RSI) indicator has dropped to 35.20, right next to the oversold zone.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
