Bitcoin Cash price analysis: BCH/USD market volatility shrinks down
- Following two straight bearish days, BCH/USD bulls had a positive start to Saturday.
- Relative Strength Index (RSI) indicator is trending around 39.70.
BCH/USD went up from $221.30 to $223.35 so far today. The daily price chart has met resistance at the $239.80-line, the downward trending line and the 20-day Simple Moving Average (SMA 20) curve. The hourly BCH/USD chart for Friday and Saturday shows us that the price reached an intra-day high of $234.45 before it dipped down to $220. The buyers have since stepped back in to snag up BCH for cheap, taking the price of the asset up to $223.35.
BCH/USD daily chart
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The 20-day Bollinger jaw has narrowed dramatically, indicating decreasing market volatility. The Bollinger width has fallen from 0.695 to 0.297 over the previous six days. The Moving Average Convergence/Divergence (MACD) indicator shows six straight bullish sessions, while the Relative Strength Index (RSI) indicator is trending around 39.70.
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.
