Bitcoin Cash price analysis: BCH/USD falls further as bears refuse to loosen their stranglehold

BCH/USD went down from $292.25 to $242.35 this Tuesday.
The RSI indicator is trending around the oversold zone.

Bitcoin Cash had a heavily bearish Tuesday where the price fell from $292.25 to $242.35. The bears are still not letting go of their stranglehold as the price has fallen further to $228.20. In the process, BCH/USD has had six straight bearish days, falling from $324.30 to $228.20, charting a 29.60% drop in price. The hourly breakdown shows us that BCH/USD has dropped from $276.50 to $240.25 within an hour. Since then, the bulls did try to mount a comeback but were soon overwhelmed by the bears.

BCH/USD daily chart

The price has dropped below the 20-day Bollinger Band, which shows that BCH/USD is currently undervalued. The widening of the 20-day Bollinger jaw shows increasing market volatility. The price is also trending below the 200-day Simple Moving Average (SMA), SMA 50 and SMA 20 curves. The SMA 200 has crossed over both the SMA 50 and SMA 20 curves, which is a bearish sign. The Moving Average Convergence/Divergence (MACD) indicator has had two straight bearish sessions of increasing intensity. The Relative Strength Index (RSI) indicator is trending deep inside the oversold zone around 22.30.

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