The cryptocurrency market received quite a shock yesterday, October 29, when almost all the cryptocurrencies suffered bearish spikes, with a lot of them even breaking their support. The bear did not spare even the major cryptocurrencies like Bitcoin [BTC], Bitcoin Cash [BCH] and Litecoin [LTC].
The Bitcoin Cash [BCH] trend line shows a 45-degree drop, with the prices falling from $440.4 to $420.9. The support has been broken to a value of $416, with the strong resistance still holding at $481.7.
The Parabolic SAR projects a mix of bearish and bullish signals, with the predominant characteristic being bearish. At the time of writing, the markers have all been above the price candles, a clear indication of a bearish market.
The Relative Strength Index [RSI] breached the oversold zone during the drop, with Bitcoin Cash slowly creeping back into the RSI zone. The bear’s hold is evident as the graph is still hanging around the oversold region.
The MACD graph has dipped drastically due to the bearish fall with the signal line and the MACD line both crossing over. After the crossover, both the lines have started an ascension indicating a slight bullish spike.
The trend line for the one-day BCH graph shows a downtrend, with the prices falling from $531 to $419.8. The support for BCH on the graph remains at $409.4.
The Bollinger bands point to a convergence, indicating the end of the bearish outbreak. Bitcoin Cash has undergone a couple of price outbreaks over the past couple of months, followed by a sideways movement.
The Awesome Oscillator shows that the BCH market momentum has reduced after a relatively high momentum earlier. The bearish drops can be attributed to this reduction.
The Chaikin Money Flow has fallen drastically to the bottom of the graph, an effect of the bearish market having an impact on the investors. The graph is also a sign of the money flowing out of the market due to the bearish crash.
The continuous sideways movement of Bitcoin Cash, as well as the popular cryptocurrencies, looks likely to continue after the bear demonstrated its prowess on the market. The Bollinger bands, CMF, RSI, and the Parabolic SAR all take the side of the bear, with a bullish reprieve predicted only by the MACD.
The post Bitcoin Cash [BCH/USD] Technical Analysis: Bear revels in the market’s misery; multiple support breaks detected appeared first on AMBCrypto.
Author: Akash Anand