Bitcoin Cash Technical Analysis: Bearish correction begins, will $300 hold strong?
- BCH/USD is going through bearish correction following two straight bullish days.
- The RSI is hovering inside the overbought zone.
BCH/USD daily chart
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BCH/USD has ventured into the overbought zone following bullish dominance over Thursday and Friday. The asset, having dropped from $301.09 to $300.13, is presently going through a period of slight bearish correction as price looks to drop below the $300-level. The price is trending in an upward channel formation and has re-entered the 20-day Bollinger Band.
BCH/USD has strong support levels at $273.80 (SMA 200), $265,78, $252.40, $249.72 (SMA 20) and $239.70 (SMA 50). The MACD shows that market momentum is still overwhelmingly bullish, while the RSI is still hovering inside the overbought zone.
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.
