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Bitcoin Cash Price Analysis: Bears step in just as BCH/USD was about to touch $450

  • BCH/USD spiked up from $380.55 to $444.75 this Wednesday.
  • RSI indicator fell from 78.15 to 72.65 following bearish correction.
Bitcoin Cash Price Analysis: Bears step in just as BCH/USD was about to touch $450
Rajarshi MitraRajarshi MitraIndependent Analyst

BCH/USD daily chart

BCH/USD daily chart

BCH/USD bears stepped in to correct the market following a heavily bullish Wednesday. This Wednesday, the price of the asset rose from $380.55 to $444.75, which has since corrected to $434.85 in the early hours of Thursday. The price is hovering above the red Ichimoku cloud, SMA 20, SMA 50 and SMA 200. The RSI indicator went up to 78.15, showing that BCH/USD had become overpriced. This Thursday’s bearish correction dropped the RSI down to 72.65. The MACD indicator shows increasing bullish market momentum.
 

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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