Home Bitcoin Cash market update: BCH/USD $300 support in jeopardy; bearish action targets $200
Crypto News

Bitcoin Cash market update: BCH/USD $300 support in jeopardy; bearish action targets $200

  • $300 appears to be a credible support but the sustained bearish price action hints further breakdown.
  • The full stochastic signal is strongly bearish with a negative gradient towards the oversold.

Bitcoin Cash in on the verge of a massive drop. This follows a failed attempt to break above the resistance at $320. Although $300 appears to be a credible support, the sustained bearish price action hints further breakdown.

All short-term technical indicators point towards a gravitating trend in the coming sessions. A glance at both the full stochastic oscillator and the Moving Average Convergence Divergence (MACD) reveals a continuing bearish momentum.

The MACD is back in the negative zone after hitting levels at +1.5 on Monday. The increasing bearish divergence suggests that sellers are gaining traction. At the same time, the full stochastic signal is strongly bearish with a negative gradient towards the oversold.

A minor positive indicator would be the breakout from the bullish flag pattern on the hourly chart. However, this depends on BCH’s ability to defend $300 support and bounce upwards towards $310.

BCH/USD 1-hour chart

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.