Bitcoin Cash [BCH/USD] Technical Analysis: Support break gives no help as cryptocurrency prepares for hard fork

Bitcoin Cash [BCH]’s hard fork was preceded by a massive market crash that saw almost all the cryptocurrencies break their price support. The hard fork slated to commence on November 15 is seen as a marked change in the cryptoverse, with two different parties lobbying for two ideologies on the blockchain.

1 hour:

The BCH one-hour chart shows a downtrend that has taken the price from $518.05 to $449.42. The resistance has been holding at $633.92 while the new support is at $411.69.

The Chaikin Money Flow [CMF] indicator has stayed just below the axis, which is a sign of the bearish market taking over. The graph also points to the monetary outflow being more than the inflow.

The Awesome Oscillator has picked up on the graph which indicates that the market momentum has drastically increased.

1 day:

The one-day graph shows an uptrend and a downtrend which paints a picture of bearish atmosphere. The uptrend saw the prices shot up from $438.21 to $625.21. The succeeding downtrend brought the prices down from $615.26 to $503.36.

The MACD indicator has witnessed a bearish crossover with the signal line and the MACD line both heading towards the bear zone.

The Relative Strength Index [RSI] is tending towards the overbought zone which is a sign of the selling pressure being more than the buying pressure.

Conclusion:

The indicators show the cryptocurrency market succumbing under the bear pressure. The CMF, AO and the MACD have all taken the side of the bear, which might result in sustained price movements interspersed with bullish spikes.

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