Bitcoin Cash price analysis: BCH/USD drops below $250, currently going through consolidation
- The 20-day Bollinger jaw has widened, showing increasing price volatility.
- The Elliott Oscillator has had 13 straight red sessions.
BCH/USD is on course of charting two straight bearish days. This Monday, the price of BCH/USD dropped from $266 to $246, going below the $250-level, the 50-day Simple Moving Average (SMA 50) and the lower Bollinger curve in the process. Currently, Bitcoin Cash is priced at $244.75. The hourly breakdown of Monday shows us that BCH/USD dropped from $262.50 to $246.25 within four hours, before settling around $244.75.
BCH/USD daily chart
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The daily price is trending below the SMA 20, SMA 50 and SMA 200 curves. The 20-day Bollinger jaw has widened, indicating increasing price volatility. The Moving Average Convergence/Divergence (MACD) shows decreasing bearish momentum, while the Elliott Oscillator has had 13 straight red sessions. The Relative Strength Index (RSI) indicator is trending around 39.30.
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.
