Bitcoin Cash [BCH/USD] Technical Analysis: Market continues to succumb to the bear’s will

The cryptocurrency market has been trying hard to get out of its bearish slump, with a lot of cryptocurrencies struggling to get out of their rut. Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH], the trending cryptocurrencies, have all been enjoying small bullish spikes in an overall bearish market.

1-hour:

The trend lines for BCH show a roller coaster price movement while being on a downward trend at the moment. The support has been consistent at $426.87 while Bitcoin Cash’s resistance of $453.88 has still not been shattered. The analysis over the past week shows a sinusoidal movement of the cryptocurrency predominantly tending towards the bearish side.

The Bollinger bands show a slight sideways movement of the bands which has occurred right at the end of an outbreak. Looking at the graphs, the bear’s hold on the market is pretty evident with the size of the bearish clouds being much bigger than the bullish clouds.

The MACD line shows an immediate crossover with the signal line, both of which are looking up. The MACD graph as a whole hence points to a bullish spike with the MACD histogram showing a mix of both bearish and bullish signals.

1-day:

The trend lines on the one-day graph show a strict descent in the Bitcoin Cash price. The long-term support at $412.77 was established back in September, with the current price movement treading dangerously close to it.

The Relative Strength Index [RSI] graph of BCH has hovered above the oversold zone for the past couple of weeks with the jumps to the overbought zone being immediately nullified by the bearish market. The current RSI movement is mostly sideways close to the oversold zone. This is an indication of the selling pressure being more than the buying pressure.

The Awesome Oscillator indicates a gain in the market momentum after the bearish market hit the brakes on it. The current AO lines show the momentum slowly picking up, although still being behind the momentum that BCH held earlier.

Conclusion:

The bearish trend that has been ongoing for quite some time is likely to continue with the Bollinger bands, RSI and the AO pointing to bearish rends. Only the MACD graph showed the bull peeking through a slit, a probable short-lived scenario.