BCH/USD Technical Analysis: Bears step in to correct the market

• BCH/USD bears took over the market this Monday and brought the price down from $321 to $307.

BCH/USD Daily Chart

• BCH/USD is currently consolidating in a channel before a potential breakout.
• The market is trending above both the 50-day simple moving average (SMA 50) and 200-day simple moving average (SMA 200).
• The latest session of the Elliot Wave Oscillator was bearish which shows that that bears may have taken over the market.

BCH/USD 4-Hour Chart

• The relative strength index (RSI) indicator is trending in the neutral zone.
• The Ichimoku indicator shows that the current market sentiment may be bearish.

BCH/USD Hourly Chart

• BCH/USD hourly market charts a triangle formation out of which it has had a bearish breakout.
• The moving average convergence/divergence (MACD) indicator shows slight bullish momentum.
• The market is trending below the 20-day simple moving average (SMA 20) curve, but it is still comfortable above the lower curve of the 20-day Bollinger band.

Key Levels