Bitcoin Cash [BCH] Technical Analysis: Bear attacks the green market

As the crypto market is having a rough ride being with constant ups and downs, Bitcoin Cash [BCH] has seen good overall growth. The coin was pushed down to the eighth position when the bear market mulled almost every major coin but has fought the odds to settle on its previous favorite, fourth position. The lurking bear has caused a slip of the coin by 0.51%.

At the time of press, BCH was valued at $165.95 with a market cap of $2.9 billion. The 24-hour trade volume of the coin was registered to be $418 million with a growth of 13.30% over seven days. The coin registered a growth of 10.99% over the past day.

1-hour

Source: Trading View

According to Trading view, TRX reported a downtrend from $206.83 to $172.69, with a minimal uptrend from $147 to $162.61. The coin’s growth is restricted at $172.69 while support was provided at $141.

Awesome Oscillator indicates a bearish market losing momentum.

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

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

1-day

Source: Trading View

Source: Trading View

The one day chart of Bitcoin Cash indicates an enormous fall from $730.92 to $627.54, which further extends to $177.30. The coin did not register a significant uptrend in the one day chart. The coin met with resistance at $196.55 while the support goes as low as $76.19.

Bollinger Bands are far apart from each other, increasing the volatility. The moving average line was under the candlesticks marking a bullish market.

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

Chaikin Money Flow indicates a bearish market as the marker is under zero.

Conclusion

As per the one hour chart, Awesome Oscillator, and MACD indicates a bearish market. It is in line with the one day chart which also predicts a bearish market. However, Bollinger Bands is indicating towards a bullish market.

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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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