Bitcoin Cash Price Analysis: BCH/USD trends in a narrow $4-range over the last four days
- BCH/USD is currently consolidating in a flag formation.
- The price is hovering above the green Ichimoku cloud.
BCH/USD daily chart
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BCH/USD bears took control of the market in the early hours of Wednesday, wherein the price fell from $343.15 to $339.80. Over the last four days, BCH/USD has been trending in a narrow range between $343.50 and $339. The price is looking to break below the support provided by the upward trending line but is comfortably hovering above the green Ichimoku cloud.
On the downside, the MACD line is looking to crossover the signal, hinting reversal of bullish momentum. The Elliott Oscillator has had four straight red sessions, while the RSI indicator has finally crept below the overbought zone. All these signs tell us that the overall market sentiment is presently bearish.
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.
