Bitcoin Cash Price Analysis: BCH/USD bears drop the price slightly below the green Ichimoku cloud

• BCH/USD bears stepped back into the market following a bullish Tuesday.
• The Elliott Oscillator is back in the red following Tuesday’s green session.
• William’s %R is trending around -70.35, next to the oversold zone.

BCH/USD daily chart

BCH/USD bears stepped back into the market, following a bullish Tuesday, as the price dropped from $237.50 to $235.75. In the process, the price managed to dip back below the green Ichimoku cloud. The Elliott Oscillator is back in the red following Tuesday’s green session. The negative price action ensured that William’s %R is trending around -70.35, next to the oversold zone.

Support and Resistance

BCH/USD has four strong resistance levels at $238, $241, SMA 50 and SMA 20. On the downside, healthy support lies at $228.30 and $219.55.

Key levels