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

fxsoriginal

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.
 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: BTC/USD bulls relentless push or gains above $12,000

Bitcoin recovered significantly over on Thursday after resting the support at $11,100 levels earlier in the week. Initially, there was a struggle in the range between $11,500 and $11,600. 

More Bitcoin News

XRP/USD on the verge of a triangle breakout, is $0.32 within reach?

Ripple price has been narrowing within a falling triangle pattern for two weeks now. The retreat followed an impressive price action that has seen XRP rally from July lows at $0.1740. 

More Ripple News

Ethereum Classic Price Analysis: ETC/USD bulls fail near the $7-level

ETC/USD faced bearish correction following two straight bullish sessions. The price dropped from $6.925 to $6.889. The moving average convergence/divergence (MACD) shows sustained bearish ...

More Ethereum Classic News

Cardano Market Update: Bulls stay in control as staked ADA count crosses ten billion

With over ten billion ADA being staked and more than 920 active staking pools, Cardano appears to have reached a new milestone. After the recent Shelley upgrade, users have been able to stake their ADA ...

More TRON news

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP