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 massively after observing tremendous growth and moving to the fourth position on the CoinMarketCap.

At the time of press, BCH was valued at $132, with a market cap of $2 billion. The 24-hour trade volume of the coin was registered to be $260 million with a fall of 17.32% over seven days. The coin slipped by 5.23% in the past 24 hours and is still seen to fall by 1.03% over the past hour.

1-hour

Source: Trading View

Source: Trading View

According to Trading View, BCH reported a downtrend from $156.47 to $131.47, which extended further to $129.27. The coin did not register a significant uptrend. The coin’s growth is restricted at $162.26 while support was provided at $127.46.

Awesome Oscillator indicates a bullish market losing momentum.

Chaikin Money Flow indicates a bullish market as the marker is above zero.

Bollinger Bands are at a converging point, indicating a decreased volatility in the market. The moving average line was above the candlesticks marking a bearish market.

1-day

Source: Trading View

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.

The post Bitcoin Cash [BCH] Technical Analysis: Bear feeding on the ravaged coin appeared first on AMBCrypto.

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