Bitcoin Cash Price Analysis: Bears take control as buyers struggle to keep the price above $340

  • BCH/USD went up from $343.20 to $348.35 this Wednesday.
  • The MACD indicates decreasing bullish momentum.

BCH/USD daily chart

BCH/USD daily chart

BCH/USD dropped from $348.35 to $340.40 so far this Thursday, following three bullish days. The price is currently trending in a flag formation and has encountered resistance at the downward trending line. The price is hovering above the green Ichimoku cloud, SMA 200, SMA 50 and SMA 20. 

On the downside, the MACD indicator shows decreasing bullish momentum, while the Elliott Osillcator has had four straight red sessions. The Relative Strength Index has also crept below the overbought zone, indicating bearish market sentiment. Currently, the bulls will need to protect the $340-line and prevent any further downward movement.

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