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Bitcoin Cash Price Analysis: Is BCH/USD settling around $475?

FX Street
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  • The Elliott Oscillator has had a red session following two consecutive green sessions.
  • The RSI indicator is trending around 81.40 inside the overbought zone, hinting at an upcoming bearish correction.

BCH/USD daily chart

BCH/USD daily chart

Despite having seven straight bullish sessions, it looks like BCH/USD is looking to slow down and settle around the $475-mark. Currently, the price has risen slightly from $477.20 to $478.10 in the early hours of Friday. However, certain indicators show that the price is soon going to go through some bearish correction.  

Firstly, the signal and MACD lines are looking to converge with each other, which shows a decrease in market momentum, while the Elliott Oscillator has had a red session following two straight green sessions. Finally, the RSI indicator is trending around 81.40 inside the overbought zone, hinting at an upcoming bearish correction.
 

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