Bitcoin Cash technical analysis: BCH/USD bulls attempt a comeback following a bearish Tuesday
- BCH/USD is currently consolidating in a flag formation.
- The price of BCH/USD fell from $228.20 to $222.45 this Tuesday.
BCH/USD daily chart
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The price of BCH/USD has recovered to $224, following a bearish Tuesday, wherein the price of the asset fell from $228.20 to $222.45. The price is consolidating in a flag formation. The price has met immediate resistance at the 20-day Simple Moving Average (SMA 20) curve. The Relative Strength Index (RSI) indicator is trending around 40.60.
BCH/USD four-hour chart
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The four-hour price chart is currently floating inside the red Ichimoku cloud. BCH/USD found support on the $221.50 line and then went up. Immediate market resistance to overcome lies at $225. The Elliott Oscillator has had a bullish session following two straight bearish sessions.
BCH/USD hourly chart
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The hourly BCH/USD chart is sandwiched between the SMA 50 (on the upside) and SMA 20 (on the downside). The Moving Average Convergence/Divergence (MACD) indicator shows four straight bullish sessions of increasing intensity.
Key Levels
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.
