BCH/USD Technical Analysis: Bulls struggle to keep the price above $300

Following the bullish breakouts of the last two days, the sellers managed to keep the buyers in check as markets opened this Thursday.

BCH/USD daily chart

• The bulls failed at the $300 mark and the price went down to $295.
• This Wednesday, the market breached past the 200-day simple moving average (SMA 200) curve for the first time since May 2018.
• The relative strength index (RSI) curve is trending inside the overbought zone.

BCH/USD 4-hour chart

• BCH/USD 4-hour chart shows that the price nearly reached the $350 zone when the bears came in and took the market below the $300 zone.
• Currently, the price looks like it is consolidating before a breakout.
• The red cloud of the Ichimoku indicator shows us that the breakout could be bearish.
• The signal line has taken a turn and is looking to converge with the moving average convergence divergence (MACD) line in the MACD indicator. This shows that the bullish momentum is decreasing.

BCH/USD hourly chart

• The hourly BCH/USD chart shows short term bearish domination, as can be seen in the Elliot Wave Oscillator.
• The last three sessions found resistance at the downward trending line and failed to breach past it.
• The last session took the price below the SMA 20 curve and the market is currently trending in the lower half of the 20-day Bollinger band. This shows that in the short and medium term, the market sentiment is bearish.