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Bitcoin Cash technical analysis: BCH/USD trending in a flag formation, gets ready for a breakout

  • BCH/USD went up from $304 to $307.20 this Tuesday.
  • Moving average convergence/divergence (MACD) shows increasing bullish momentum. 
Bitcoin Cash technical analysis: BCH/USD trending in a flag formation, gets ready for a breakout
Rajarshi MitraRajarshi MitraIndependent Analyst

BCH/USD daily chart

fxsoriginal

Over the last three sessions, BCH/USD is trending in a flag formation, getting primed for a breakout. This Tuesday the price has gone up from $304 to 307.20. Four days back, the price broke above the downward trending line and is above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) shows increasing bullish momentum.

BCH/USD 4-hour chart

fxsoriginal

The price broke above the green Ichimoku cloud and has found support on the upward trending line. The price has encountered resistance on the SMA 200 curve and is trending above the SMA 20 and SMA 50 curves. The Elliott oscillator has had two straight bullish sessions.

BCH/USD hourly chart

fxsoriginal

The hourly chart is experiencing bearish correction and has found support on the upward trending line. The price has dropped slightly from $307.20 to $307. The price is trending above the SMA 200, SMA 50 and SMA 20 curves. The relative strength index (RSI) indicator is trending around 57.80.

Key Levels

BCH/USD

Overview
Today last price308.6977
Today Daily Change4.5489
Today Daily Change %1.50
Today daily open304.1488
 
Trends
Daily SMA20297.7179
Daily SMA50311.5711
Daily SMA100353.9236
Daily SMA200304.3054
Levels
Previous Daily High313.062
Previous Daily Low297.5233
Previous Weekly High306.3373
Previous Weekly Low273.4963
Previous Monthly High358.4945
Previous Monthly Low267.0256
Daily Fibonacci 38.2%303.4591
Daily Fibonacci 61.8%307.1262
Daily Pivot Point S1296.7608
Daily Pivot Point S2289.3727
Daily Pivot Point S3281.222
Daily Pivot Point R1312.2995
Daily Pivot Point R2320.4501
Daily Pivot Point R3327.8382

Author

Rajarshi Mitra

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.

More from Rajarshi Mitra
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