RATE Group | BCH/USD trends in a downward flag formation
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BCH/USD trends in a downward flag formation

09 Aug BCH/USD trends in a downward flag formation

Posted at 08:49h in Bitcoin News by

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  • BCH/USD is currently priced at $331 in the early hours of Friday.
  • The 4-hour price chart has found support on the SMA 200 curve.

BCH/USD daily chart

fxsoriginal

BCH/USD has had a bearish Friday so far, with its price falling from $333.85 to $331. This follows a bearish Thursday, wherein it fell from $338.25 to $333.85. The price is trending below the 50-day simple moving average (SMA 50) and SMA 20, while it is above the SMA 200 curve. The Elliot oscillator has had 15 straight bullish sessions of increasing intensity.

BCH/USD 4-hour chart

fxsoriginal

The 4-hour BCH/USD price chart is trending above the green Ichimoku cloud. The moving average convergence/divergence shows sustained bearish momentum. The second last price session went up from $326.38 to $333, going past the SMA 200 curve in the process. However, the bulls soon lost steam and the price went down to $331, finding support on the SMA 200. The SMA 50 curve acts as immediate market resistance and is looking to cross…

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