BCH/USD Technical Analysis: Price consolidating before breakout

BCH/USD daily chart

• BCH/USD market opened at $155.75 this Saturday.
• The price is currently consolidating in a flag formation before a potential breakout.
• Immediate resistance lies at $170 and support  at$145.
• According to the moving average convergence divergence (MACD) indicator, the MACD line is going to cross over with the control line, which shows upcoming bearish momentum.
• The relative strength index (RSI) is trending right next to the overbought territory.

BCH/USD 4-hour chart

• The 4-hour BCH.USD chart shows that the price is sitting on the support provided by the 20-day simple moving average (SMA 20) curve.
• The market is still trending above the SMA 50 and SMA 200 curves.
• There is a slight squeeze in the 20-day Bollinger band which shows slightly decreasing market volatility.

BCH/USD hourly chart

• The market is struggling to break past the resistance provided by the green cloud of the Ichimoku indicator.
• The last five sessions of the Elliot wave oscillator have all been bearish with decreasing intensity.

Key Levels

• Resistance 3: $167.9172
• Resistance 2: $163.3362
• Resistance 1: $159.6521
• Pivot Point: $155.0710
• Support 1: $151.3869
• Support 2: $146.8058
• Support 3: $143.1217