Rajarshi Mitra
Independent Analyst
BCH/USD Daily Chart
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- 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
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- 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
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- 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
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