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Bitcoin Cash [BCH] Technical Analysis: Bear picks up the pace taking over the market

Namrata Shukla

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Bitcoin Cash [BCH] Technical Analysis: Bear picks up the pace taking over the market
Source: Pixabay


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%.

1-hour

Source: Trading View

Source: Trading View

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.

1-day

Source: Trading View

Source: Trading View

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.

Conclusion:

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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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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