The cryptocurrency market has been bleeding from the past few days and Bitcoin Cash [BCH] has been the biggest loser as of December 8. At the time of press, the coin was valued at $161.53 with a market cap of $2.8 billion. The coin registered a trading volume of $193 million with a fall of 0.66% in the past day. The coin has recovered but the overall growth of the coin is only 0.11%.
1-hour
Source: Trading View
According to the one hour chart of the coin, a steep fall was observed from $170.40 to $159.38 after which it shot and fell again from $165.08 to $160.52. The coin marked resistance at $166.65 while support was noted at $153.40.
Bollinger Bands appeared to be converging, and the moving average line was under the candlestick, indicating a bullish market.
MACD line over the signal line pointing towards a bullish market.
Awesome Oscillator also indicates a bullish market losing momentum.
1-day
Source: Trading View
According to the one day chart of BCH, a downtrend was registered from $767.48 to $627.54 which extended till $165.49. The coin observed a very small uptrend from $78.87 to $157.44 with resistance marked at $196.55. While the support was marked at $76.19.
Parabolic SAR points towards a bearish market as the markers align above the candles.
Chaikin Money Flow indicates a bearish market, as the marker dunks under zero.
Relative Strength Index indicates that buying and selling pressures are evening each other out.
Conclusion:
As per the indicators, MACD, and Awesome Oscillator the market is predicted to be bullish, however, a majority of the indicators, Bollinger Bands, Parabolic SAR, and Chaikin Money Flow forecast a bearish market taking over.
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