Bitcoin Cash price analysis: BCH/USD strings together four bearish days, drops below $300
- BCH/USD has gone down from $299.25 to $297.35 in the early hours of Thursday
- The market has found support on the SMA 20 curve.
BCH/USD is on the course of having four straight bearish days. In the early hours of Thursday, Bitcoin Cash has gone down from $299.25 to $297.35. Over the last four days, BCH/USD has gone down from $307.30 to $297.35. The hourly breakdown of Wednesday makes for some interesting reading. The price dropped from $304 to $293.80 before the bulls stepped back in and took BCH/USD up to $299.25. This Thursday, the bears have taken full control and brought the price down to $297.35.
BCH/USD daily chart
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The price is trending above the 20-day simple moving average (SMA 20), which acts as immediate market support. The price is also trending below the SMA 50 and SMA 200 curves. The moving average convergence/divergence (MACD) indicator shows sustained bullish momentum, while the Elliott oscillator has had a bearish session after ten straight bullish 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.
