Bitcoin Cash price analysis: BCH/USD drops down after hitting the SMA 20 curve

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  • BCH/USD is trending in an upward channel formation.
  • The MACD indicator has had four straight bullish sessions.

BCH/USD has dropped down from $239.25 to $236.85 after encountering the 20-day Simple Moving Average (SMA 20) curve. The price was trending horizontally for a while before it started to trend in the upward channel formation. The hourly breakdown shows us that the price fell to $236, where found support and bounced back up to $236.85. The bulls need to gather enough momentum to go above the SMA 20 curve and the $240 resistance level.

BCH/USD daily chart

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The price is trending below the SMA 20, SMA 50 and SMA 200 curves. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator has had four straight bullish sessions, while the Elliott Oscillator had 11 bullish sessions. The Relative Strength Index (RSI) indicator is trending around 43.45.
 

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