Bitcoin Cash technical analysis: Bears continue their stranglehold on the BCH/USD market


  • BCH/USD went down from $412.45 to $406.45 in the early hours of Friday.
  • The latest price session in the daily chart has taken BCH/USD below the 20-day simple moving average (SMA 20) chart.

BCH/USD daily chart

The hourly BCH/USD market is trending in a triangle formation, getting primed for a possible breakout. The market finds immediate resistance at the 20-day simple moving average (SMA 20) curve and has found support on the upward trending line. The market is still trending above the SMA 50 and SMA 200 curves. In the early hours of Friday, the price of BCH/USD has fallen from $413 to $406.75. The moving average convergence/divergence (MACD) indicator shows us that the signal line is looking to cross-over the MACD line, revealing decreasing bearish momentum.

BCH/USD 4-hour chart

The 4-hour BCH/USD price chart is trending below the red Ichimoku cloud. The upcoming green cloud shows that market sentiment may be turning bullish. During Thursday, the price went up from $400.45 to $418.45 within 4 hours. After that, the bears stepped in and took the price down to  $406.40 over the next 12 hours. The 4-hour market is trending above the SMA 20, SMA 50 and SMA 200 curves. The relative strength index (RSI) indicator was trending in the overbought zone and then it went down to the neutral zone.

BCH/USD hourly chart

The hourly BCH/USD market has had a bearish breakout from the triangle formation. The 20-day Bollinger band’s widening jaw shows that the market volatility is increasing and the SMA 20 curve is trending above the four latest sessions. The hourly market is still trending above the SMA 200 and SMA 50 curves. The Elliot oscillator has had nine straight bearish sessions.

Key Levels

BCH/USD

Overview
Today last price 406.4307
Today Daily Change -5.5241
Today Daily Change % -1.34
Today daily open 411.9548
 
Trends
Daily SMA20 412.5775
Daily SMA50 359.1507
Daily SMA100 286.5415
Daily SMA200 211.8695
Levels
Previous Daily High 424.9614
Previous Daily Low 395.1188
Previous Weekly High 452.1883
Previous Weekly Low 362.9877
Previous Monthly High 483.1092
Previous Monthly Low 261.4551
Daily Fibonacci 38.2% 413.5616
Daily Fibonacci 61.8% 406.5187
Daily Pivot Point S1 396.3952
Daily Pivot Point S2 380.8357
Daily Pivot Point S3 366.5526
Daily Pivot Point R1 426.2378
Daily Pivot Point R2 440.5209
Daily Pivot Point R3 456.0804

 


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BCH/USD sellers catalyze the breakdown under $220

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session. From an opening price of $226.97, BCH ascended to an intraday high of $227.76. 

More Bitcoin Cash News

Cryptocurrency market update: Tether mints 30 million new USDT tokens BTC, XRP, and ETH plummet

The market finally yielded to the bearish calls in the last couple of weeks. The drop seems to have been necessary as upward movement was becoming untenable. Tether’s 30 million minted USDT tokens likely to be used in pumping Bitcoin price.

More Cryptocurrencies News

Ethereum price prediction: ETH/USD collapses below $170.00 – Confluence Detector

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time.

More Ethereum News

Facebook’s Libra could be regulated by the SEC: The US Congress draft bill reveals

Facebook is yet to find a regulatory breakthrough for its proposed digital project, Libra. However, if the United States Congress goes ahead with the proposal to draft a bill describing stablecoins, Libra could quickly fall under the wings of the Securities and Exchange Commission.

More Libra News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP