Bitcoin Cash Technical Analysis: BCH/USD price consolidating in a flag formation

Rajarshi Mitra Independent Analyst

BCH/USD Daily Chart

BCH/USD went down from $416.25 to $411 this Wednesday.
The price is currently consolidating in a flag formation.
On the downside, the nearest support level lies at $405.
The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
The price is creeping on the edge of the overbought zone.

BCH/USD 4-Hour Chart

The extreme squeeze of the 20-day Bollinger band shows decreasing market volatility.
The last session of the 4-hour market has dropped into the lower half of the 20-day Bollinger band.
The moving average convergence/divergence (MACD) indicator shows that market momentum has now become bearish.

BCH/USD Hourly Chart

The Elliot wave oscillator shows seven consecutive bearish sessions.
The hourly price is currently trending in a downward channel formation.
The Ichimoku indicator shows that current and future market sentiment is bearish.

Key Levels

BCH/USD

Overview
Today last price	413.4
Today Daily Change	-3.7144
Today Daily Change %	-0.89
Today daily open	417.1144

Trends
Daily SMA20	334.7104
Daily SMA50	303.5364
Daily SMA100	221.996
Daily SMA200	217.0463

Levels
Previous Daily High	446.9992
Previous Daily Low	400.5084
Previous Weekly High	452.0904
Previous Weekly Low	330
Previous Monthly High	352.3611
Previous Monthly Low	166.4624
Daily Fibonacci 38.2%	429.2397
Daily Fibonacci 61.8%	418.2679
Daily Pivot Point S1	396.0822
Daily Pivot Point S2	375.05
Daily Pivot Point S3	349.5915
Daily Pivot Point R1	442.5729
Daily Pivot Point R2	468.0314
Daily Pivot Point R3	489.0636

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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