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  • BCH/USD broke below the support provided by the upward trending line.
  • The Elliott Oscillator plummetted from 91.80 to 23.85 over the last five days.

BCH/USD daily chart

BCH/USD daily chart

BCH/USD fell from $421.30 to $383 as sellers took complete control of the market this Wednesday. In the process, BCH/USD dipped below the support provided by the upward trending line. The SMA 20 curve acts as immediate market resistance. The bulls will need to protect the $380 support level to ensure that the price doesn’t dip more. The MACD indicates increasing bearish momentum, while the Elliott Oscillator plummetted from 91.80 to 23.85 over the last five days. The RSI has declined from 51.25 to 42.55 over the course of the day, which indicates bearish dominance.
 

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