The cryptocurrency market has succumbed to the bear attack with several coins seeing red across the spectrum. Cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH] have all started on a downtrend with the so-called crypto winter going on in full flow.
The one-hour BCH graph indicates a downtrend that has seen the price drop from $581.46 to $545.56. The earlier uptrend saw the price being lifted from $421.22 to $585.84.
The BCH support has been holding at $408.09 and the immediate resistance has been raised to $633.12.
The Relative Strength Index has crashed to the bottom of the oversold zone. This is a sign of the selling pressure being more than the buying pressure. The cryptocurrency has predominantly stayed in the overbought zone.
The MACD graph has fallen below the histogram with the occurrence of a crossover. Post the crossover, the signal line and the MACD line have shown uptrend tendencies.
The one-day BCH graph shows the support at $411.29. The downtrend bought the prices down from $832.39 to $568.57. The recent bullish run also took the price from $434.12 to $624.38.
The Bollinger bands have started diverging, which points to a bullish run. Some of the bullish spikes have left the Bollinger cloud swollen due to massive price hikes.
The Chaikin Money Flow indicator is still above the axis, which indicates that the money flowing into the market is still more than the money flowing out of it.
The upcoming hard fork has certainly created a change in the investor sentiment with several proponents of the hard fork building its case. The Bollinger band, CMF, and the MACD all point to the prices still trying to climb back on the bull, which may be interspersed with sideways price movements.
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