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BCH/USD daily chart

  • Following a bearish Tuesday, the bulls came back this Wednesday, taking the price up from $388 to $392.
  • The price is trending below the 20-day simple moving average (SMA 20) curve, but it is still above the SMA 50 and SMA 200 curves.
  • The market has found support on the upward trending line.
  • Currently, the market is trending relatively horizontally, within a range of $411.25-$377.75.
  • The Elliot oscillator shows 14 consecutive bearish sessions of increasing intensity.

BCH/USD 4-hour chart

  • The latest session in the 4-hour market has taken the price above the SMA 20 and SMA 50 curves and on the top half of the 20-day Bollinger band.
  • The narrowing of the Bollinger jaw indicates decreasing market volatility.
  • The signal line is diverging away from moving average convergence/divergence line (MACD) line showing increasing bullish momentum.
  • The SMA 200 curve has pierced through both the SMA 20 and SMA 50 curves and is trending above the 4-hour market. These are all heavily bearish signs.

BCH/USD hourly chart

  • The hourly BCH/USD market has pierced above the green Ichimoku cloud.
  • The hourly price had negotiated with the $392.35 resistance line twice before it finally managed to break through it.
  • Currently, the hourly market has had three straight bullish sessions.
  • The relative strength index (RSI) indicator has made a turn towards the overbought zone and is trending around 55.

Key levels

 

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