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Bitcoin Cash price analysis: BCH/USD consolidating in a flag after dropping from double top formation

FX Street
Updated:
  • Following two straight bearish days, BCH/USD is currently trending around $307.65.
  • Moving average convergence/divergence (MACD) and Elliot oscillator both shows bearish tendency.

BCH/USD dropped from $309.25 to $307.85 in the early hours of Saturday. This Friday, the price went down from $314.25 to $309. The hourly price breakdown shows us that the bears took the price down to $304.25, where it found support. The price bounced up a bit and has pretty much trended horizontally since then. The daily chart shows that the bulls got rejected twice at the $347.45 resistance level, charting a double top pattern. Since then, the price plummeted and is trending in a flag formation.

BCH/USD daily chart

fxsoriginal

The daily price chart is trending above the 200-day simple moving average (SMA 200) curve and below the SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows two straight bearish sessions. The Elliot oscillator has had two bearish sessions following five consecutive bullish sessions.

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