Bitcoin Cash price analysis: BCH/USD finds support at the SMA 20 curve
- The MACD indicator shows decreasing market momentum.
- The Bollinger width has decreased from 0.50 to 0.18 in a week showing decreasing price volatility.
BCH/USD had a bearish start to Wednesday, as it fell from $289.15 to $286.20 and has found support at the 20-day Simple Moving Average (SMA 20) curve. This followed a bullish Tuesday, wherein BCH/USD went up from $286.15 to $289.15. The hourly breakdown of Tuesday shows us that there are intraday resistance and support at $289.85 and $283.45, respectively. After bouncing off from the $283.45 support level, BCH/USD went up to $289.15, before settling around $286.20.
BCH/USD daily chart
BCH/USD has found support at the 20-day Simple Moving Average (SMA 20) curve and is floating below the SMA 200. The Bollinger width has decreased from 0.50 to 0.18 in a week showing decreasing price volatility. The Moving Average Convergence/Divergence (MACD) indicates increasing bearish momentum, while the Relative Strength Index (RSI) indicator is trending around 57.57. The Elliott Oscillator has had a green session, following six straight red sessions.
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.
