Bitcoin Cash [BCH/USD] Technical Analysis: Market betting on the bear’s win?

Bitcoin Cash [BCH], the fourth-biggest cryptocurrency by market cap, has been the talk of the market as the hard fork is nearing. The date for the upgrade is set on November 15, 2018, stirring up the investors sentiments. However, the coin performance has failed to keep up to the market’s expectations.

According to CoinMarketCap, at press time, the coin was trading at $522.10 with a market cap of over $9 billion. The coin had a trading volume of $909 million and had slumped by 6.70% in the past seven days.

1-hour:

Bitcoin Cash [BCH] one-hour price chart | Source: Trading View

Bitcoin Cash [BCH] one-hour price chart | Source: Trading View

In the one-hour chart, the coin showed a downward trend from $546.44 to $519.38. Nonetheless, it also had an upward trend from $458.51 to $496.35. The coin will have to first face the immediate resistance level set at $549.76 in order to meet the strong resistance, which is set at $633.55. The cryptocurrency has an immediate support at $496.26 if the bear were to strike again. If this ground fails to support the coin, then there is a strong support ground at $456.59.

The Chaikin Money Flow was showing a bullish wave. However, the indicator was making a leap towards the bear’s side.

Parabolic SAR depicted its allegiance to the bear as the dots had aligned above the candlesticks.

The Bollinger Bands were coming together for a reunion, reflecting a less volatile market.

1-day:

Bitcoin Cash [BCH] one-day price chart | Source: Trading View

Bitcoin Cash [BCH] one-day price chart | Source: Trading View

In the one-day chart, the coin had fallen from $1,749.45 to $628.25. However, it did show a rise from $422.56 to $528.07. The coin has an immediate resistance at $628.25, and a strong resistance at $1,169.16. It also has a strong support at $413.04, in case the bull loses the race.

The RSI indicator showed that the buying pressure and the selling pressure are evened out.

MACD showed that it was betting on the bull as the moving average line was above the signal line.

However, the Klinger Oscillator was betting on the bear’s win as the reading line was crossed the signal line, leaping off the hill.

Conclusion

The one-hour graph of the coin is in favour of the bull. In the one-day chart, the MACD favours the bull whereas the Klinger favours the bear.

The post Bitcoin Cash [BCH/USD] Technical Analysis: Market betting on the bear’s win? appeared first on AMBCrypto.