The cryptocurrency market has not gone through a drastic recovery from the bear attack with popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH] all maintaining either a sideways price movement, or sporadic bearish drops.
The BCH trend line indicates a clear downtrend with the price dropping from $433.45 to $417.29. The support of the cryptocurrency has been holding at $409.97, after the massive bearish drop with the resistance maintaining at $452.63.
The Bollinger bands have formed a pipe-like shape with an indication of the start of a convergence.
The Chaikin Money Flow indicator for BCH has stayed above the axis, a clear bullish trend. At the time of writing, the indicator was moving with a small upward spike.
The one-day graph for Bitcoin Cash also takes the side of the bear, with the downtrend bringing the price down from $511.09 to $412.79. The support for the coin has also been holding at $415.08.
The Relative Strength Index [RSI] is tending close to the oversold zone, which is a sign of the selling pressure being much greater than the buying pressure. The bear’s prowess is very evident on the RSI graph, with BCH moving sideways near the oversold zone for the past few weeks.
The MACD line and the signal line have been moving in tandem with the MACD histogram. Both the lines have been moving in a sideways manner for a few days, which has affected investor sentiments.
The bear does not seem to be giving up its stronghold on the cryptocurrency market, with a majority of the indicators showing the after-effects. Chaikin Money Flow points at a bullish atmosphere, a silver lining in the bear reign.
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Author: Akash Anand