Bitcoin Cash technical analysis: BCH/USD remains above $400

BCH/USD daily chart

• BCH/USD went down from $406.30 to $402.50 in the early hours of Friday.
• Critical support line lies at $400, which the bulls must defend at all costs.
• The market remains above the 2000-day simple moving average (SMA 200), SMA 50 and SMA 20 curves.
• The relative strength index (RSI) indicator is trending at 65.60.

BCH/USD 4-hour chart

• The five latest sessions in the 4-hour price chart have taken the price from below the 20-day Bollinger band to the middle.
• The 4-hour market finds resistance at the SMA 20 curve. 
• The market is trending above the SMA 50 and SMA 200 curves.
• The moving average convergence divergence (MACD) indicator shows decreasing bearish momentum as the signal line converges with the MACD line.

BCH/USD hourly chart

• The hourly market found resistance $407.75
• The Ichimoku indicator hints that upcoming market sentiment may be bullish.
• The bulls need to garner enough momentum to breach the critical $407.75 resistance level.
• Six out of the seven latest sessions in the Elliot oscillator is bullish.

Key levels