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Bitcoin Cash market overview: BCH/USD sandwiched between SMA 200 and downward trending line

FX Street
Updated:
  • BCH/USD fell from $307.85 to $306 in the early hours of Wednesday.
  • The Elliott Oscillator shows two straight bearish sessions.  

BCH/USD has had two straight bearish days in a row. In the early hours of Wednesday, the price of BCH/USD has fallen from $307.85 to $306. This Tuesday, the price has fallen from $310.65 to $308.60. The hourly breakdown shows that the price fell from $310.65 to $305 this Tuesday before the bulls rallied back and took BCH/USD back up to $307. The bears then re-entered and took the price down to $304.60. The buyers came back strongly and spiked the price up to $312.15 before it corrected around $306.

BCH/USD daily chart

fxsoriginal

The daily BCH/USD chart has found resistance on the downward trending line and is trending below the 20-day simple moving average (SMA 20) and the SMA 50 curves. The market has found on the SMA 200 curve. The moving average convergence/divergence (MACD) has had eight bearish sessions. The relative strength index (RSI) indicator is trending around 45.75. The Elliott oscillator has had two straight bearish sessions.
 

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