Bitcoin Cash [BCH/USD] Technical Analysis: Bear saga continues as cryptocurrency tries to escape downward pull

The cryptocurrency has been seeing an extended bear run with most of the coins trying hard to get out of the rut. Bitcoin Cash [BCH] on the back of several announcements, has still not been able to get out of the bear’s clutches.

1-hour:

The Bitcoin Cash [BCH] trend lines indicate a clear downtrend with the bear taking its toll on the cryptocurrency. The support has been holding at $426.84 while the resistance is maintained at $453.93.

The Bollinger bands indicate a pipe-like formation which points to a sideways price movement. The bands are converging which is a sign of a bearish atmosphere. All the price candles are held within the Bollinger cloud except or one bearish drop.

The MACD line and the signal line have both converged at a point where both the lines are on an uptrend. The MACD histogram, on the other hand, has been a mix of both bearish and bullish signals.

1-day:

The one-day graph indicates an acute downtrend with the BCH support line at $416.09.

The Relative Strength Index [RSI] points to BCH moving sideways, close to the oversold zone. This shows that the selling pressure is greater than the buying pressure. BCH has not been able to reach the overbought zone for the past couple of months, indicating a bearish trend.

The Chaikin Money Flow has crashed below the axis which shows the bear’s hold on the cryptocurrency. The CMF indicator also reveals that the money has been flowing out of the market because of the change in investor sentiment.

Conclusion:

The cryptocurrency market does not look like it is going to escape the bear anytime soon. The Bollinger bands, RSI and the CMF all point to BCH continuing in the bearish atmosphere while the MACD signals a small bullish spike.

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