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BCH/USD: Market on the verge of a breakout – Technical Analysis

BCH/USD daily chart

  • BCH/USD is currently trading for $130.75.
  • The daily chart forms flag formation which is prime for a breakout.
  • The relative strength index (RSI) is trending in the neutral zone.

BCH/USD 4-hour chart

  • The last two sessions of the BCH/USD 4-hour chart is trending below the 20-day simple moving average (SMA 20) chart.
  • The 20-day Bollinger band shows that the market is getting less volatile.
  • The SMA 50 curve has already passed over the SMA 20 curve, which is a sell sign.

BCH/USD hourly chart

  • Moving average convergence/divergence (MACD) shows increasing bearish momentum.
  • Short-term resistance lies at $131.

Key Levels

  • Resistance 3: $135.8456
  • Resistance 2: $134.1989
  • Resistance 1: $132.3608
  • Pivot Point: $130.7142
  • Support 1:  $128.8760
  • Support 2: $127.2294
  • Support 3: $125.3913

 

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