Bitcoin Cash market overview: Buyers and sellers cancel each other as BCH/USD keeps plodding along

BCH/USD is currently priced at $219.15 in the early hours of Friday.
The Relative Strength Index (RSI) indicator can’t creep out of the oversold zone.

BCH/USD bears crept ahead of the bulls as the price continued its horizontal movement. The price has continued to consolidate itself in a flag formation, waiting for a potential breakout. The hourly breakdown shows us that BCH/USD had dropped to $218.80 before correcting itself around $222.65 as Thursday came to a close. As soon as the Friday session began, the bears managed to drop BCH/USD from $222.65 to $220.35, before falling a little bit further to $219.15.

BCH/USD daily chart

The price is trending below the 200-day, 50-day and 20-day Simple Moving Average (SMA 200, SMA 50 and SMA 20) curves. The 20-day Bollinger jaw keeps widening, indicating increasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator shows decreasing bearish momentum, while the Relative Strength Index (RSI) indicator is trending at the edge of the oversold zone.

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