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

Rajarshi Mitra Independent Analyst

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

BCH/USD

Overview
Today last price	283.4796
Today Daily Change	-5.0628
Today Daily Change %	-1.75
Today daily open	288.5424

Trends
Daily SMA20	298.0684
Daily SMA50	213.9322
Daily SMA100	169.9744
Daily SMA200	237.8009

Levels
Previous Daily High	312.0003
Previous Daily Low	287.6344
Previous Weekly High	335.1791
Previous Weekly Low	272.9829
Previous Monthly High	172.9457
Previous Monthly Low	120.5261
Daily Fibonacci 38.2%	296.9422
Daily Fibonacci 61.8%	302.6926
Daily Pivot Point S1	280.1178
Daily Pivot Point S2	271.6931
Daily Pivot Point S3	255.7519
Daily Pivot Point R1	304.4837
Daily Pivot Point R2	320.4249
Daily Pivot Point R3	328.8496

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.

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