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Bitcoin Cash price analysis: BCH/USD finds support at the SMA 20 curve

  • BCH/USD fell from $289.15 to $284.80 this Wednesday.
  • The Elliott Oscillator has had eight straight red sessions.
Bitcoin Cash price analysis: BCH/USD finds support at the SMA 20 curve
Rajarshi MitraRajarshi MitraIndependent Analyst

BCH/USD is on course of charting two straight bearish sessions. This Wednesday, BCH/USD fell from $289.15 to $284.80 and has fallen further to $284.25 so far this Thursday. The hourly breakdown of Wednesday shows us that after encountering intraday resistance at $288.10, the price has been on a steady decline. The 20-day Bollinger jaw has narrowed, which indicates decreasing market volatility. The price has found immediate support at the 20-day Simple Moving Average (SMA 20) curve.

BCH/USD daily chart

fxsoriginal

The Moving Average Convergence/Divergence (MACD) indicator shows increasing bearish market momentum, while the Elliott Oscillator has had eight straight red sessions. The Relative Strength Index (RSI) indicator is trending around 53.85.
 

Author

Rajarshi Mitra

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.

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