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BCH/USD market forms a triangle with a bearish breakout on the horizon

FX Street
Updated:
  • BCH/USD market has formed a triangle with a breakout on the horizon.
  • Technical indicators like the 20-day Bollinger band and the 20-day simple moving average (SMA 20) curve indicate a bearish breakout.

The BCH/USD market has formed a triangle with an imminent breakout on the horizon. Several technical indicators are pointing toward the breakout being bearish. As reported by FXStreet, Bitcoin Cash is struggling to hold any positive momentum.

BCH/USD daily chart

The upward and downward trending lines have formed a triangle. A breakout is imminent and the following indicators show that it is going to be bearish:

  • The 20-day simple moving average (SMA 20) is trending above the market.
  • Even though the last candlestick is bullish, it is touching the lower curve of the 20-day Bollinger band. This indicates that the overall market is still bearish.
     

FX Street

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