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Bitcoin Cash Price Analysis: BCH/USD drops below the $270 psychological level

FX Street
Updated:
  • The SMA 200 curve acts as an immediate market resistance.
  • The RSI indicator is trending around 35.40, next to the oversold zone.

BCH/USD daily chart

BCH/USD daily chart

BCH/USD bears have control of the market for the fourth consecutive day. The price of the asset fell from $274 to $269.57, dropping below the $270 psychological level. BCH/USD is trending in a downwards channel formation and below the SMA 20, SMA 50 and SMA 200 curves. The SMA 200 acts as an immediate market resistance. The Elliott Oscillator has had four straight red sessions, while the MACD shows increasing bearish momentum. The RSI indicator is trending around 35.40, next to the oversold zone indicating that the overall market sentiment is favoring the sellers.
 

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