Bitcoin Cash Technical Analysis: BCH/USD down from $289 to $282.60

BCH/USD Daily Chart

• BCH/USD went down from $289 to $282.60 as markets opened this Wednesday.
• The market has been trending below the SMA 20 curve for the last four sessions.
• The market is currently trending in a downwards channel formation.
• The SMA 200 and SMA 50 curves are on course for a golden cross formation.
• The signal line is diverging away from the MACD line indicating increased bearish momentum.
• Bulls need to protect $282 support line.

BCH/USD 4-Hour Chart

• The BCH/USD 4-hour price has currently found support on the green cloud of the Ichimoku indicator. 
• The upcoming Ichimoku cloud is bearish.
• The Elliot Wave Oscillator shows bearish sentiment.

BCH/USD Hourly Chart

• The last three sessions of the hourly BCH/USD chart has taken the price below the 20-day Bollinger band.
• The widening of the band shows increasing market volatility.
• The relative strength index (RSI) indicator has crept into oversold territory.

Key Levels