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Price Analysis of BCH: The bulls trying to rest after a prolong struggle

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 $5.5 billion. The price of BCH at the press time was $288.1.

2 Hour Chart

Source: BCH / USD TradingView

The one hour chart exhibits an uptrend extending from $258.6 to $276.5 and a downtrend from $306.7 to $303.6. The resistance stood at $296.9 and the support was held at $283.8.

The Bollinger Bands had just begun to converge thereby decreasing the volatility of BCH.

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

Chaikin Money Flow: The CMF line had crossed the zero line and was on its way to -10-line indicating that there has been an 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 $228.0 to $299.5 and a downtrend extending from $513.3 to $3.702. The resistance was at $328.9 and the support was at $270.2.

Parabolic SAR: The dotted line below the candlesticks was going upwards indicating that the coin was facing a bullish 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 had touched the overbought section and was still above the 50-line suggesting that the buyers were active pushing the coin to the bullish market.

Conclusion

The Parabolic SAR and RSI in the long term chart and the Awesome Oscillator in the short term chart indicated that BCH was under a bullish influence.

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