Bitcoin Cash technical analysis: BCH/USD falls towards $228 support level after getting lethargic around $235
- The daily BCH/USD chart shows bullish momentum despite two straight bearish days.
- BCH/USD will need to go up to $242 to trend above the SMA 20 curve.
BCH/USD daily chart
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BCH/USD has gone down from $231.65 to $229.60 so far today and is in the process of charting two straight bearish days in a row. The price is trending below the 200-day, 50-day and 20-day Simple Moving Average (SMA 200, SMA 50 and SMA 20) curves. The price will need to go up to $242 to trend above the SMA 20 curve. The Moving Average Convergence/Divergence shows that market momentum is bullish despite bearish movement.
BCH/USD four-hour chart
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The four-hour BCH/USD chart is trending below the red Ichimoku cloud. The four-hour price has found resistance at $235.50 and $231.70 and is trending above the SMA 20 and SMA 50 curves. The Elliott oscillator shows us four straight bearish sessions.
BCH/USD hourly chart
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The hourly price has dropped below the triangle formation and the SMA 20 and SMA 50 curves. The SMA 50 is about to cross over the SMA 20 curve, which is a bearish sign. The 20-day Bollinger band has narrowed, indicating decreasing market volatility, while the Relative Strength Index (RSI) indicator has dipped below 50.
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.
