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Bitcoin Cash [BCH] Technical Analysis: Bear feeding on the ravaged coin

Namrata Shukla



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.


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.


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.


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.