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Price Analysis of BCH: The bears enter with a full sweep

Cryptocurrency

Bitcoin Cash aka BCH- the fork from the mother chain [BTC], seems to have fumbled along its way, but it is still holding up quite nicely when compared to its fork, Bitcoin SV. BCH is currently the fourth-largest cryptocurrency in the world with a market cap of $4.98 billion. The price of BCH at the press time was $272.4 with a 1.77% decrease.

2 Hour Chart

Source: BCH / USD TradingView

The two-hour chart exhibits an uptrend extending from $269.8 to $275.2 and a downtrend from $307.4 to $299.8. The resistance stood at $296.5 and the support was held at $281.6.

The Bollinger Bands had just begun to diverge thereby increasing the volatility of BCH.

The Awesome Oscillator shows that the coin had just entered the bearish market with a very slight momentum.

Chaikin Money Flow: The CMF line had crossed the zero line and was on its way to -20-line indicating that there has been a huge outflow of the capital pushing the coin to the bearish market.

1 Day Chart

Source: BCH / USD TradingView

The daily chart exhibited an uptrend extending from $197.2 to $269.7 and a downtrend extending from $513.5 to $307.2. The resistance was at $311.5 and the support was at $266.0.

Parabolic SAR: The dotted line above the candlesticks was just beginning to travel downwards indicating that the coin was facing a bearish sentiment.

The MACD line and the signal line had just had a cross-over indicating a trend reversal; at the press time, the MACD line was coming down indicating a bearish trend.

Relative Strength Index: The RSI line was slightly dipping below the 50-line indicating that the selling pressure was starting to increase placing the coin in the bearish market.

Conclusion

All the indicators in the short term chart as well as the long term chart confirmed that the coin was under a bearish influence at the press time.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.