Bitcoin Cash [BCH] Technical Analysis: Bear feeding on the ravaged coin

The cryptocurrency market is bleeding for the past few days and many major coins are suffering the wrath of the bear. Bitcoin Cash [BCH] has fallen …

Source: Trading View

The one-day chart of Bitcoin Cash indicates an enormous fall from $772.74 to $566.10, which further extends from $627.54 to $155.80. The coin registered a significant uptrend from $156.10 to $178.40 in the one day chart. The coin met with resistance at $196.55 while the support goes as low as $76.19.

Parabolic SAR marks a bearish market with markers aligning above the candlesticks.

MACD line is under the signal line pointing towards a bearish market right after a recent crossover.

Relative Strength Index indicates that the buying and selling pressures are evening each other out.

Conclusion

As per the one-hour chart, Bollinger Bands, Parabolic SAR, and MACD indicate a bearish market. However, Awesome Oscillator and Chaikin Money Flow predict a bullish trend. Going by the majority, the market forecasted is a bearish one.


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Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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