Bitcoin cash technical analysis: Bulls fail at $435-level as BCH/USD crashes down
- BCH/USD has gone down from $434 to $412.50 this Saturday.
- The daily chart is currently trending in a flag formation.
BCH/USD daily chart
-636973790458114237.png)
The BCH/USD market is currently trending in a flag formation, as it went down from $434 to $412.50 this Saturday and has found support on the upward trending line. The market is also sandwiched between the 20-day simple moving average (SMA 20) and SMA 50 curves and is trending comfortably above the SMA 200 curve. The Elliot oscillator has had three straight bearish sessions.
BCH/USD 4-hour chart
-636973790777341059.png)
The 4-hour BCH/USD chart shows increasing bearish sentiment. The price was trending above the Ichimoku indicator before it dipped down and is currently trending inside the red cloud. The SMA 50 curve has crossed over the SMA 20 curve, which is a bearish sign. The latest session has also broken below the SMA 200 curve. The relative strength index (RSI) indicator is trending around 37.50. It was looking to dip inside the oversold zone but is now trending parallelly next to it.
BCH/USD hourly chart
-636973791056723196.png)
The three latest sessions in the BCH/USD hourly chart are trending below the SMA 20, SMA 50 and SMA 200 curves. The latest price session has crept below the lower curve of the 20-day Bollinger band. The Bollinger jaw is also narrowing, showing decreasing market volatility. The moving average convergence/divergence (MACD) indicator shows three straight bearish sessions.
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.
