Bitcoin Cash [BCH/USD] Technical Analysis: Cryptocurrency’s bear woes continue; hard fork may provide trend change

The bear’s hold on the cryptocurrency market does not seem to have waned with most of the coins seeing red. Bitcoin Cash [BCH] has seen a massive drop on the cryptocurrency charts, with a 10% fall in prices coming a day before the hard fork.

1-hour:

The one-hour chart shows a clear downtrend which has brought the prices down from $610.48 to $535.80. The support has been holding at $422.55 while the resistance is maintained at $634.28.

The Awesome Oscillator has been relatively calmer compared to the previous days, which is an indication of the market momentum going down.

The MACD indicator shows a clear bearish sign with the signal line and the MACD line both traveling parallel to the bear’s realm.

1-day:

The one-day graph for BCH shows another downtrend with the prices falling to a low of $476.56. The one-day support is at $410.09.

The Relative Strength Index shows the cryptocurrency crashing towards the oversold zone from the overbought zone. This is an indication of the selling pressure being more than the buying pressure.

The Parabolic SAR is currently bearish with the markers staying above the price candles. The indicator also paints a picture of the bear reigning supreme in great fashion, pointed out by markers.

Conclusion

The imminent BCH hard fork has surely caused a stir in the community with the prices reflecting the same. The indicators point to a trend change before the coin breaks support, which will be followed by sporadic bullish spikes.