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Bitcoin Cash: BCH/USD (BCH=) Desperately Clinging On To A Key Level Of Support

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$BCH #BitcoinCash #Crypto #Cryptocurrencies #FX #Trading #Markets

Bitcoin Cash
Ticker: BCH=
Price: $262.68

Bitcoin Cash

Bitcoin Cash is on the brink of a major break down in price following a breach of the $282 level of support.

The controversial fork of Bitcoin that sprawled into the limelight three years ago has now lost more than 26% of its value since November 24.

It is being propped up by the four-hour 200MA at the time of writing, although continuation to the downside seems most likely over the coming days and weeks.

Downside price targets remain at both the $242 and $204 levels of support, while if BCH can begin to stomach a bounce it may well retest the $282 level.

Technical Indicators

Overall, the bias in prices is: Sideways.

The projected upper bound is: 310.12.

The projected lower bound is: 215.02.

The projected closing price is: 262.57.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 15.1885. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 9 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 44.62. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 14 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 10 period(s) ago.

Rex Takasugi – TD Profile

FOREX BCH= closed down -7.930 at 262.140. Volume was 52% below average (consolidating) and Bollinger Bands were 56% wider than normal.

Open     High     Low     Close      Volume
270.080  271.270  260.700 262.140    77,013
Technical Outlook
Short Term:        Oversold
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period    50-period     200-period
Close:           285.96       270.59        253.25
Volatility:      117          106           77
Volume:          171,659      164,752       157,402

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX BCH= is currently 3.5% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods.

Our volume indicators reflect volume flowing into and out of BCH= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BCH= and have had this outlook for the last 17 periods.

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