- Bitcoin Cash has gone down from $481.75 to $417.75 this Thursday.
- BCH/USD has had a bearish breakout from a flag formation.
BCH/USD was one of the biggest losers of the day as the price fell from $481.75 to $417.75 this Thursday. The price had reached a high of $484 in the very early hours of Thursday before it went for a tumble. The bears took it all the way down to $397.25, breaking past the $400-level. However, the bulls stepped back in and got the price up to $416.15.
BCH/USD daily chart
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The BCH/USD daily chart was consolidating in a flag formation for four days before the bears plunged the price down. The bearish movement was so severe that it broke past the support provided by the upward trending line. The 20-day Bollinger band’s jaw is narrowing, showing decreasing market volatility.
The market has broken past the support provided by the 20-day simple moving average (SMA 20) curve and is above the SMA 200 and SMA 50 curves. The moving average convergence/divergence (MACD) indicator shows that the signal line is crossing below the MACD line, indicating a reversal of bullish momentum. The Elliot oscillator has had a bearish session after six straight bullish sessions. The relative strength index (RSI) indicator has dipped down into 47.5 from the overbought zone.
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