Bitcoin Cash [BCH] seems to be slowly gaining momentum, with the bulls running in its favor in short-term. However, the bear has managed to gulp down any impetus from the bull in the medium to long-term. While indicators show an upward movement of prices in the short-term, the long-term scenario looks bleak.
The fourth-largest cryptocurrency in the world is currently trading at $450.27, after going down -0.09% in the past 24 hours. It currently has a market cap of $7.84 billion, with a 24-hour trade volume of $294.20 million.
1-hour
Source: Trading View
On the one-hour graph, a strong downward trend can be seen from October 9 to October 21, 2018, with the prices going from $534.2 to $515.1 to a resistance of $464.9. Between October 21 and October 22, 2018, the prices further went down to $460.4.
An upward trend line can be seen in the short-term between October 19 and October 22, 2018, from $456.0 to $457.1. The trend seems to be similar to the upward drift from $445.9 to $460.1 between October 15 and October 18, 2018.
The Awesome Oscillator chart shows green bars reappearing after a short set of red bars. This indicates a rise in the price of BCH, pointing at a bullish trend.
The Fisher Transform chart shows the Fisher line on an ascendant path, crossing the trigger line. This points at a bullish trend.
The RSI chart paints a different picture. According to the indicator, BCH seems to be slowly climbing from an overbought position, but at the time of press, the buying and selling pressure seems to be canceling each other out.
1-day
Source: Trading View
On the one-day graph, a robust downward trend can be seen between January 4 and October 9, 2018, from $1,169.9 to $532.1. Between October 19 and October 22, 2018, there is yet another downward movement of prices to $460.2.
An upward drift of prices can only be found in two instances. The first one is between September 26 and October 9, when the prices went from $446.7 to $520.5. The second upward movement is from $433.5 to $446.5 between October 12 and October 20, 2018.
The Parabolic SAR dots have aligned above the candlesticks, indicating a bearish market.
The Chaikin Money Flow chart shows a value of -0.2660, indicating that money is flowing out of the market strongly. This points a resilient bearish trend.
The MACD chart shows the MACD line climbing downhill, crossing the signal line. This indicates a bearish market. However, it seems that the lines are inching closer to each other, pointing at an imminent bull run.
Conclusion
If the prices are to go up in the short-term, as indicated by Awesome Oscillator, Fisher Transform, and RSI charts, the immediate resistance will be at $464.9. If it is broken, the next resistance will be at $466.9 and $478.3.
If the prices are to go down in the long-term, as indicated by Parabolic SAR, Chaikin Money Flow, and MACD charts, the immediate support will be at $433.5. If this is broken, the next support will be at $417.5.
The post Bitcoin Cash [BCH/USD] Technical Analysis: Bulls running strong in short-term, but the bear is still king appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: Bitcoin Cash [BCH/USD] Technical Analysis: Bulls running strong in short-term, but the bear is still king
