Bitcoin Cash price analysis: BCH/USD drops down after hitting the SMA 20 curve
- BCH/USD is trending in an upward channel formation.
- The MACD indicator has had four straight bullish sessions.
BCH/USD has dropped down from $239.25 to $236.85 after encountering the 20-day Simple Moving Average (SMA 20) curve. The price was trending horizontally for a while before it started to trend in the upward channel formation. The hourly breakdown shows us that the price fell to $236, where found support and bounced back up to $236.85. The bulls need to gather enough momentum to go above the SMA 20 curve and the $240 resistance level.
BCH/USD daily chart
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The price is trending below the SMA 20, SMA 50 and SMA 200 curves. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator has had four straight bullish sessions, while the Elliott Oscillator had 11 bullish sessions. The Relative Strength Index (RSI) indicator is trending around 43.45.
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.
