Bitcoin Cash [BCH] investors may be able to sigh in relief as the bulls are starting to outpace the bears on the short-term. After being on a consistently downward drift, the prices seem to be recovering, with all indicators pointing at an imminent bull run.
The fourth-largest cryptocurrency in the world, BCH, is currently trading at $443.30, after going up 0.39% over the past 24 hours. It enjoys a market cap of $7.72 billion, with a 24-hour trade volume of $258.24 million.
1-hour
Source: Trading View
On the one-hour chart, a strong downtrend can be seen from $453.7 to $447.5 between October 16 and October 21, 2018. This trend continues till October 24, 2018, from $451.8 to $442.2.
The only significant upward trend that can be seen is between October 19 and October 22, 2018, from $426.7 to $441.4.
The Awesome Oscillator shows consistently green bars for a while now, indicating a generally bullish market.
The Chaikin Money Flow indicator currently stands at +0.0659, indicating that money is flowing into the market. However, the trend seems to be slowing down, but the market is expected to remain bullish.
The Parabolic SAR dots have aligned themselves below the candlesticks, indicating a bullish market in the short-term.
1-day
Source: Trading View
The one-day chart shows a strong downward trend emerging from the long-term resistance of $1142.6 to $525.9. The downward drift has remained strong between October 9 and October 24, 2018, from $525.9 to $442.1.
The only significant uptrend is seen between September 26 and October 10, 2018, from $446.4 to $509.7.
The MACD graph shows the MACD line on an upward movement after a bearish outbreak, followed closely by the signal line. The lines are inching closer to each other, pointing at an imminent bull run.
The Fisher Transform graph shows the Fisher line on an upwards movement, crossing the signal line. This points at a bullish market. However, the line is slowly flattening to indicate a trend reversal.
The RSI graph shows the RSI line swimming in the bottom but is recovering from a slightly oversold position. The buying and selling pressure seems to be evening each other out, refusing to clearly place a prediction.
Conclusion
If the prices are to go up in the short-term as indicated by the Awesome Oscillator, Chaikin Money Flow and Parabolic SAR, the immediate resistance will be at $445.9. If this is broken, the next resistance will be at $451.9.
In the long-term, if the prices move up, as predicted by the MACD and Fisher Transform chart, the immediate resistance will be at $509.7. If this is broken, the next resistance will be at $565.8.
If the prices fall after a trend reversal if immediate support will be at $428.3. If this is quashed, the stronger support will be at $417.6.
The post Bitcoin Cash [BCH/USD] Technical Analysis: Short-term bull run imminent as bears loosen grip appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: Bitcoin Cash [BCH/USD] Technical Analysis: Short-term bull run imminent as bears loosen grip
