The cryptocurrency market’s climb into the bear pit has been slow and steady, with many currencies like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH] all maintaining a sideways movement after the bullish spike. Bitcoin Cash, which has been in the news because of its biggest proponent Roger Ver, has created ripples in the cryptosphere with its developmental announcements.
The trend lines show a slow uptrend with the Bitcoin Cash [BCH] prices rising from $423 to $426.65. The support for the cryptocurrency has been holding at $408 ever since the massive bearish drop, with the support at $444.96.
The Relative Strength Index [RSI] has fallen from the overbought zone, with the cryptocurrency moving sideways at press time. The sideways movement indicates that the buying pressure and the selling pressure is at equilibrium.
The MACD line and the signal line have undergone a crossover with both the lines dipping downwards indicating a bearish trend. The MACD histogram has been showing a bearish trend.
The one-day graph for BCH indicates an acute downtrend, with the prices falling from $510.55 to $423.8. The resistance on the one-day chart has been holding at $413.52.
The Chaikin Money Flow indicator has been below the axis, with the graph taking a hairpin turn towards the bearish zone. The movement of the CMF lines paints a picture of the money flowing out of the market, a sign of a change in the investor sentiments.
The Bollinger bands have maintained the shape of solid parallel lines, which can be attributed to the sideways movement. The chokehold on the Bollinger cloud comes at the end of a Bitcoin Cash price outbreak.
The bear’s hold on the cryptocurrency market seems to have become evident again, with all the above indicators indicating the reign of the bear. The MACD graph, which has supported the bull for the past couple of days, has also sided with the bear this time around.