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October 20, 2019
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Altcoin News

Bitcoin Cash technical analysis: Bears continue their stranglehold on the BCH/USD market

  • BCH/USD went down from $412.45 to $406.45 in the early hours of Friday.
  • The latest price session in the daily chart has taken BCH/USD below the 20-day simple moving average (SMA 20) chart.

BCH/USD daily chart

The hourly BCH/USD market is trending in a triangle formation, getting primed for a possible breakout. The market finds immediate resistance at the 20-day simple moving average (SMA 20) curve and has found support on the upward trending line. The market is still trending above the SMA 50 and SMA 200 curves. In the early hours of Friday, the price of BCH/USD has fallen from $413 to $406.75. The moving average convergence/divergence (MACD) indicator shows us that the signal line is looking to cross-over the MACD line, revealing decreasing bearish momentum.

BCH/USD 4-hour chart

The 4-hour BCH/USD price chart is trending below the red Ichimoku cloud. The upcoming green cloud shows that market sentiment may be turning bullish. During Thursday, the price went up from $400.45 to $418.45 within 4 hours. After that, the bears stepped in and took the price down to $406.40 over the next 12 hours. The 4-hour market is trending above the SMA 20, SMA 50 and SMA 200 curves. The relative strength index (RSI) indicator was trending in the overbought zone and then it went down to the neutral zone.

BCH/USD hourly chart

The hourly BCH/USD market has had a bearish breakout from the triangle formation. The 20-day Bollinger band’s widening jaw shows that the market volatility is increasing and the SMA 20 curve is trending above the four latest sessions. The hourly market is still trending above the SMA 200 and SMA 50 curves. The Elliot oscillator has had nine straight bearish sessions.

source: https://www.fxstreet.com/cryptocurrencies/news/bitcoin-cash-technical-analysis-bears-continue-their-stranglehold-on-the-bch-usd-market-201906140445

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