BCH/USD Technical Analysis: Price consolidating before breakout

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BCH/USD daily chart

  • BCH/USD market opened at $155.75 this Saturday.
  • The price is currently consolidating in a flag formation before a potential breakout.
  • Immediate resistance lies at $170 and support at$145.
  • According to the moving average convergence divergence (MACD) indicator, the MACD line is going to cross over with the control line, which shows upcoming bearish momentum.
  • The relative strength index (RSI) is trending right next to the overbought territory.

BCH/USD 4-hour chart

  • The 4-hour BCH.USD chart shows that the price is sitting on the support provided by the 20-day simple moving average (SMA 20) curve.
  • The market is still trending above the SMA 50 and SMA 200 curves.
  • There is a slight squeeze in the 20-day Bollinger band which shows slightly decreasing market volatility.

BCH/USD hourly chart

  • The market is struggling to break past the resistance provided by the green cloud of the Ichimoku indicator.
  • The last five sessions of the Elliot wave oscillator have all been bearish with decreasing intensity.

Key Levels

  • Resistance 3: $167.9172
  • Resistance 2: $163.3362
  • Resistance 1: $159.6521
  • Pivot Point: $155.0710
  • Support 1: $151.3869
  • Support 2: $146.8058
  • Support 3: $143.1217
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