Bitcoin Cash price analysis: BCH/USD falls further as bears refuse to loosen their stranglehold
- BCH/USD went down from $292.25 to $242.35 this Tuesday.
- The RSI indicator is trending around the oversold zone.
Bitcoin Cash had a heavily bearish Tuesday where the price fell from $292.25 to $242.35. The bears are still not letting go of their stranglehold as the price has fallen further to $228.20. In the process, BCH/USD has had six straight bearish days, falling from $324.30 to $228.20, charting a 29.60% drop in price. The hourly breakdown shows us that BCH/USD has dropped from $276.50 to $240.25 within an hour. Since then, the bulls did try to mount a comeback but were soon overwhelmed by the bears.
BCH/USD daily chart
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The price has dropped below the 20-day Bollinger Band, which shows that BCH/USD is currently undervalued. The widening of the 20-day Bollinger jaw shows increasing market volatility. The price is also trending below the 200-day Simple Moving Average (SMA), SMA 50 and SMA 20 curves. The SMA 200 has crossed over both the SMA 50 and SMA 20 curves, which is a bearish sign. The Moving Average Convergence/Divergence (MACD) indicator has had two straight bearish sessions of increasing intensity. The Relative Strength Index (RSI) indicator is trending deep inside the oversold zone around 22.30.
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.
