Bitcoin Cash [BCH] Technical Analysis: Bear market prepares arsenal to down the bulls

After a momentary bullish ride on December 16, Bitcoin Cash [BCH] is back on the bull’s side. However, BCH had been struggling to keep up its position on the top-10 list of CoinMarketCap.

According to CoinMarketCap, at the time of press, the coin was valued at $81.52, with a market cap of $1.4 billion. The eighth largest cryptocurrency registered a 24-hour trade volume of $65 million and had plunged by 0.70% over 24 hours, after a fall of 24.36% over the week. At the time of reporting, the coin slipped by 0.38% over the hour.

1-hour

Source: Trading View

Source: Trading View

According to the one-hour chart, the coin registered a steep downfall from $102.25 to $97.65, which continued only further from $95.51 to $79.89. BCH also saw an uptrend from $73.77 to $78.54. The coin met with an immediate resistance at $80.84 and going with a strong support at $73.77.

Awesome Oscillator indicates that a bearish trend is gaining momentum.

MACD line is under the signal line, marking a bearish market after a crossover.

Parabolic SAR is pointing towards a bearish market as the marker lines are above the candles.

1-day

Source: Trading View

Source: Trading View

As per the one-day chart, the coin recorded a massive downtrend from $815.94 to $627.54, which continued to go as low as $81.70. The one-day chart did not point towards a significant uptrend in the chart. An immediate resistance was noticed by the coin at $106.36, while a strong support was observed at $76.17.

Bollinger Bands appear to be at a converging point, indicating less price volatility. The moving average line is above the candles, marking a bearish market.

Chaikin Money Flow also indicates a bearish market, as the marker line is below 0.

Relative Strength Index is in the oversold zone, pointing towards a bearish market.

Conclusion 

BCH showed a momentary bullish trend, however, it did not last for long. As per the indicators Awesome Oscillator and Chaikin Money Flow, the market is bearish.

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