Bitcoin Cash [BCH/USD] Technical Analysis: 8% rise after bull’s blessing shifts short-term support

The cryptocurrency market seems to be in a very sporadic state of mind, with many coins seeing green, while others are still in the clutches of the bear. Bitcoin Cash [BCH] has been enjoying a bull run, rising at the rate of 8% on the cryptocurrency charts.

At the time of writing, BCH was trading for $460.49, with a total market cap of $8.029 billion. The cryptocurrency’s 24-hour market volume of $547.095 million was mostly held by OKex, which had a majoritarian grasp of 6.67% of the total BCH trade.

1-hour:

The Bitcoin Cash one-hour graph shows a clear upward trend, moving from $440 to $472.2. Post the significant bullish spike, the cryptocurrency’s price has been moving sideways. The support has been holding at $411.9, with the resistance at $481.4 almost breached when the coin spiked to $471.1.

The MACD graph has seen a massive surge above the bullish histogram. After the shoot-up, both the signal line as well as the MACD line have switched off their afterburners and started their free fall towards the bottom, a bearish indicator.

The Relative Strength Index of BCH after breaking the overbought threshold has entered into the confines of the RSI graph. This is an indication of the decrease in the momentum in buying pressure.

1-day:

The BCH one-day graph still paints a bearish picture, with the support maintained at $414.5. The downtrend has bought the cryptocurrency’s prices from $518.4 to $469.3.

The Chaikin Money Flow indicator is slowly rising towards the axis, which is a sign of the money coming into the market. The inflow can be attributed to the change in investor sentiments on the back of Bitcoin Cash’s sudden growth.

The Bollinger bands have started diverging, which indicates the start of a bullish outbreak. The shape of the bands has been quite peculiar with the bullish divergence starting right in the middle of the previous convergence.

Conclusion

The bullish rise has certainly made the investors happy, but the indicators tell a different story. The CMF, as well as the Bollinger bands, point at a slight bullish run while the MACD and the RSI talk about a lull in the market. Bitcoin Cash [BCH]’s short-term support seems to have been raised, with the chances of a sideways movement being very high.