Bitcoin Cash Price Analysis: BCH/USD looks to drop below the pennant formation, following bearish price action
- BCH/USD bears stepped in after two straight bullish days.
- The Elliott Oscillator has had a red session, following two consecutive green sessions.
- BCH/USD has three strong resistance levels at $258.55, $265 and SMA 200.
BCH/USD daily chart
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BCH/USD dropped from $255.50 to $253.86 following two bullish days as the price sits looks to drop below the pennant structure. The 20-day Bollinger jaw has widened, which indicates increasing price volatility. The MACD shows that the market momentum is about to reverse from bullish to bearish. Finally, the Elliott Oscillator has had a red session, following two straight green sessions.
Support and Resistance
BCH/USD has three strong resistance levels at $258.55, $265 and SMA 200. On the downside, there are three healthy support levels at SMA 50, SMA 20, $239.70 and $219.65.
Key levels
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.
