The cryptocurrency market has been bleeding from the past few days and Bitcoin Cash [BCH] has been the biggest loser as of December 8. At the time of press, the coin was valued at $161.53 with a market cap of $2.8 billion. The coin registered a trading volume of $193 million with a fall of 0.66% in the past day. The coin has recovered but the overall growth of the coin is only 0.11%.
According to the one hour chart of the coin, a steep fall was observed from $170.40 to $159.38 after which it shot and fell again from $165.08 to $160.52. The coin marked resistance at $166.65 while support was noted at $153.40.
Bollinger Bands appeared to be converging, and the moving average line was under the candlestick, indicating a bullish market.
MACD line over the signal line pointing towards a bullish market.
Awesome Oscillator also indicates a bullish market losing momentum.
According to the one day chart of BCH, a downtrend was registered from $767.48 to $627.54 which extended till $165.49. The coin observed a very small uptrend from $78.87 to $157.44 with resistance marked at $196.55. While the support was marked at $76.19.
Parabolic SAR points towards a bearish market as the markers align above the candles.
Chaikin Money Flow indicates a bearish market, as the marker dunks under zero.
Relative Strength Index indicates that buying and selling pressures are evening each other out.
As per the indicators, MACD, and Awesome Oscillator the market is predicted to be bullish, however, a majority of the indicators, Bollinger Bands, Parabolic SAR, and Chaikin Money Flow forecast a bearish market taking over.
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