The bear’s hold on the market does not seem to loosen with popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH] all buckling under its weight. With investors calling the bottom on several cryptocurrencies, it still remains to be seen whether there will be any drastic changes to the support and resistance levels.
1 hour:
The trend lines indicate a downtrend with the Bitcoin Cash [BCH] support holding at $426.80. The resistance of the cryptocurrency has been staying at a mark of $452.54 with the price only moving close to it just once. The downward trend also indicates a massive bearish drop from $443.56 to $437.51 in an hour.
The Parabolic SAR shows a mix of bearish and bullish signals with the markers indicating sporadic bullish spikes and bearish falls. The indicator shows BCH staying more in the bear’s hold.
The Awesome Oscillator shows signs of Bitcoin Cash staying predominantly bearish with a drop in market momentum. The graph also reveals that the bearish momentum has consistently surpassed that of the bullish momentum.
The Relative Strength Index [RSI] directly points to BCH freefalling towards the oversold zone. This massive drop indicates an increase in the selling pressure over the buying pressure. BCH on the RSI graph has created a mix of movements tending towards the overbought zone as well as the oversold zone.
1 day:
The trend lines indicate the support breaking multiple times over the last few weeks. This downward trend is marked by Bitcoin Cash falling to one of its lowest support levels this year. The current support for the daily graph is holding at $416.
The Bollinger bands put BCH in the process of an outbreak end with both the bands converging, indicating a bearish price trend. The majority of the previous outbreaks mostly show BCH under attack by the bear, with the current outbreak reflecting the same.
The MACD histogram is interspersed with bullish and bearish runs. At the same time, the signal line and the MACD line have converged with the MACD line on the verge of a bullish uptrend.
Conclusion:
The bearish market is likely to continue for some more time with a few bullish spikes in between. The Parabolic SAR, Awesome Oscillator, RSI and the Bollinger bands all point to a bearish run while the MACD is the only indicator betting on a bull reign.
The post Bitcoin Cash [BCH/USD] Technical Analysis: Bear attack sees cryptocurrency slowly bleed red appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: Bitcoin Cash [BCH/USD] Technical Analysis: Bear attack sees cryptocurrency slowly bleed red
