Bitcoin Cash technical analysis: Intra-day charts show that bulls are attempting a comeback
- BCH/USD has gone up from $346.50 to $353.50 in the early hours of Friday.
- The SMA 50 curve is crossing over the SMA 20 curve, which is a bearish indicator.
BCH/USD daily chart
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BCH/USD found support on the $346.50 line and the upward trending line to bounced back up to $353.50. The price is above the 200-day simple moving average (SMA 200) curve and below the SMA 20 and SMA 50 curves. The SMA 50 curve is crossing over the SMA 20 curve, which is a bearish indicator. The signal line has diverged further away from the moving average convergence/divergence (MACD) line, showing increasing bearish momentum.
BCH/USD 4-hour chart
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The 4-hour price chart is trending in an upward channel. The price had gone below the 20-day Bollinger band when the bulls stepped in to correct the price and bring it back inside. The widening of the Bollinger jaw shows increasing market momentum. The 4-hour market is trending below the SMA 200, SMA 50 and SMA 20 curves. The Elliot oscillator shows a bullish session following nine straight bearish sessions.
BCH/USD hourly chart
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The hourly market is trending in a horizontal flag formation. The price is trending below the red Ichimoku cloud and the SMA 50 and SMA 200 curves. The second last price session managed to break past the resistance provided by the SMA 20 curve. The relative strength index (RSI) indicator touched the oversold zone before it bounced back up to 50.
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.
