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BCH/USD Market Overview: Market in the process of consolidation as it gets ready for a breakout

FX Street
Updated:
  • BCH/USD bears edge out the bulls this Tuesday as the price went down to $159.
  • The 20-day Bollinger band and moving average convergence/divergence (MACD) shows increasing volatility.

BCH/USD bears edge out the bulls this Tuesday as the price went down to $159. Immediate levels of support and resistance lie at $175 and $140. The overall sentiment remains bullish and the market looks like it is consolidating before getting ready for a potential breakout.  

BCH/USD daily chart

The BCH/USD daily chart shows that the overall sentiment of the market is bullish even though the bears took over this Tuesday. The market is trending above the 100-day simple moving average (SMA 100), SMA 50, and SMA 20 which is a bullish sign. The 20-day Bollinger band and MACD histogram indicate an increasingly volatile market. The last five sessions of the BCH/USD daily chart is trending above the upper curve of the Bollinger band which is a strongly bullish sign. The MACD histogram shows increasing bullish momentum.  
 

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