Bitcoin Cash technical analysis: BCH/USD trends in a downward flag formation
- BCH/USD is currently priced at $331 in the early hours of Friday.
- The 4-hour price chart has found support on the SMA 200 curve.
BCH/USD daily chart
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BCH/USD has had a bearish Friday so far, with its price falling from $333.85 to $331. This follows a bearish Thursday, wherein it fell from $338.25 to $333.85. The price is trending below the 50-day simple moving average (SMA 50) and SMA 20, while it is above the SMA 200 curve. The Elliot oscillator has had 15 straight bullish sessions of increasing intensity.
BCH/USD 4-hour chart
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The 4-hour BCH/USD price chart is trending above the green Ichimoku cloud. The moving average convergence/divergence shows sustained bearish momentum. The second last price session went up from $326.38 to $333, going past the SMA 200 curve in the process. However, the bulls soon lost steam and the price went down to $331, finding support on the SMA 200. The SMA 50 curve acts as immediate market resistance and is looking to cross over the SMA 20.
BCH/USD hourly chart
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The hourly price chart is trending in a flag formation. The price had gone up to $334 as markets opened this Friday, but met massive resistance. BCH/USD has found support on the SMA 20 curve and is trending below the SMA 200 and SMA 50 curves. The relative strength index (RSI) is trending around 46.85.
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.
