Bitcoin Cash technical analysis: BCH/USD on course of charting five straight bearish days
- BCH/USD has gone down from $291.90 to $290.80 so far today.
- The RSI indicator in the four-hour chart has dipped into the oversold zone.
BCH/USD daily chart
-637048931419628391.png)
BCH/USD has had a bearish start to the day as the price went down from $291.90 to $290.80. Bitcoin Cash is on course of having five straight bearish days, wherein the price fell from $323.90 to $290.80. The daily price is trending below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The Moving Average Convergence/Divergence (MACD) has reversed from bullish to bearish.
BCH/USD four-hour chart
-637048931710104079.png)
The four-hour BCH/USD was trending above the red Ichimoku cloud. The second-last session was so bearish that the price plunged from $303.67 to $292, and going below the red cloud in the process. The Relative Strength Index (RSI) indicator has dipped down into the oversold zone.
BCH/USD hourly chart
-637048931021962993.png)
The hourly BCH/USD chart is currently trending in a downward wedge formation and below the SMA 200, SMA 50 and SMA 20 curves. The Elliott Oscillator has had eight straight bearish days. The 20-day Bollinger jaw is expanding, indicating increasing market volatility.
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.
