Bitcoin Cash [BCH] seems to be stuck between the bull and the bear with the cryptocurrency’s price moving sideways. The cryptocurrency, which was in the news multiple times for the upcoming hard fork, also broke a long-standing resistance, after which the price had fallen.
Bitcoin Cash had seen the uptrend from $585.84 to $626.99. The current downtrend that the cryptocurrency is suffering has pulled the price from $611.23 to $587.59. The support has been holding at $407.221, while the resistance has been formed at $633.12.
The Awesome Oscillator graph has seen a relative reduction in market momentum, which is still tending towards the bullish zone.
The Chaikin Money Flow indicator has just fallen into the bear zone after staying above the axis for some time. The fall below the axis indicates that the money has started moving out of the market due to the change in the investor sentiments.
The one-day graph indicates a downtrend, which has brought the prices down from $867.67 to $421.18. The recent uptrend has also lifted the prices from $446 to $629.92.
The Relative Strength Index [RSI] indicator has fallen between the graph after it breached the overbought zone. This is a sign of the buying pressure just reducing among the investors.
The MACD indicator points to both the signal line and the MACD line both moving up, a sign that the prices are climbing. The current MACD histogram is also bullish.
Bitcoin Cash’s surge does not seem to be replicated anytime soon, with the indicators showing that the cryptocurrency will undergo a slight bullish spike interspersed with sideways price movement.
Engineering graduate,crypto head and Arsenal fan.