Bitcoin Cash [BCH/USD] Technical Analysis: Cryptocurrency’s bullish dreams put on hold as bear’s grip tightens

The bear’s hold on the cryptocurrency market does not seem to have loosened, with almost all the major currencies seeing a downtrend. Major coins like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH], all seem to be let down by the bull and is on a bearish or sideways path.

1-hour:

The trend lines for Bitcoin Cash [BCH] indicate a downtrend with the cryptocurrency falling from $452.17 to $436.22. The BCH resistance has been holding at $452.40, while the support is at $426.60.

The Bollinger bands are in the midst of a bearish outbreak with both the upper Bollinger band and the lower Bollinger band diverging from each other. The outbreak comes on the back of an elongated pipe-like formation of the bands, thanks to the sideways price movement of Bitcoin Cash.

The Awesome Oscillator indicates that the market momentum has been picking up albeit the aura of the bear still looming large. The reduced momentum is drastically different to the scenario a few days back, when the momentum was high.

The MACD graph shows that the signal line and the MACD line have crossed over and dipped down towards the realm of the bear. The sideways movement has also resulted in both the lines traveling as a conjoined pair.

1-day:

The one-day graph trend line shows Bitcoin Cash undergoing a downtrend that saw its price fall from $451.92 to $436.29. The downward trend is seen as a consistent and steady price drop.

The Relative Strength Index [RSI] indicates that the cryptocurrency has crashed towards the oversold zone with a chance of slight sideways movement.

The Chaikin Money Flow indicator has stayed below the axis, which is a bearish signal. At the time of writing, the CMF indicator shows a slight upward trend, which can be proposed as an imminent bullish spike.

The Parabolic SAR shows a mix of bearish and bullish signals, with the coin riding the bull at press time. The sheer number of PSAR markers above the price candles paints a picture of an extended bear run.

Conclusion:

Although indicators such as the Parabolic SAR points at a slight bullish spike, the overall picture still remains bearish. Bitcoin Cash, along with most of the major cryptocurrencies, still look like they need to wait some more time before they meet the bull.