RATE Group | Intra-day charts show that bulls are attempting a comeback
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Intra-day charts show that bulls are attempting a comeback

12 Jul Intra-day charts show that bulls are attempting a comeback

Posted at 08:03h in Bitcoin News by

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  • BCH/USD has gone up from $346.50 to $353.50 in the early hours of Friday.
  • The SMA 50 curve is crossing over the SMA 20 curve, which is a bearish indicator.

BCH/USD daily chart

BCH/USD found support on the $346.50 line and the upward trending line to bounced back up to $353.50. The price is above the 200-day simple moving average (SMA 200) curve and below the SMA 20 and SMA 50 curves. The SMA 50 curve is crossing over the SMA 20 curve, which is a bearish indicator. The signal line has diverged further away from the moving average convergence/divergence (MACD) line, showing increasing bearish momentum.

BCH/USD 4-hour chart

The 4-hour price chart is trending in an upward channel. The price had gone below the 20-day Bollinger band when the bulls stepped in to correct the price and bring it back inside. The widening of the Bollinger jaw shows increasing market momentum. The 4-hour market is trending below the SMA 200, SMA 50 and SMA 20 curves. The Elliot…

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