Rajarshi Mitra
Independent Analyst
- The Elliott Oscillator had a red session after four consecutive green sessions.
- The SMA 50 is about to cross over the SMA 200 to chart golden cross.
BCH/USD daily chart
BCH/USD bulls took control of the market and took the price up from $374.75 to $384. This follows a bearish Friday where BCH/USD dropped from $392.80 to $374.75. The price is trending above the SMA 20, SMA 50 and SMA 200. The upper curve of the 20-day Bollinger Band acts as immediate market resistance. The SMA 50 is about to cross over the SMA 200 to chart the golden cross pattern, which is a bullish sign.
The MACD shows that market momentum is presently bullish. On the other hand, the Elliott Oscillator has had a red session after four consecutive green sessions. The RSI indicator is hovering around 66.87, right next to the overbought zone. All these indicators suggest that the price is will go up a bit more before going through price consolidation.
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