the price of the BCH/USD pair
On today’s hourly chart, the price of the BCH/USD pair seemed to be following a downtrend as reflected by the bearish trend-line (A) that was spotted on the hourly chart that suggested that the bears are highly in control. Afterward, the bearishness was showcased after a short-term period of consolidation amid $214.2 and $211.4 level, followed by a bearish accumulative candle as at 24:00. BCH/USD price sharply dipped to a low of $203.3.
Moreover, the impact of the downside break below $211.4 has led the pair’s price to test $203.6 support level; thereby, sellers are now eyeing $190.0 level as the immediate support. The hugely selling activity has brought BCH/USD current price to be exchanged at $204.3 with an intraday down surge of about 3.9%.
Alternatively, the long-term SMA has been gravitating above the short-term SMA, while the RSI is now comfortably hovering near the oversold region, showing an increase in bearish pressure. Besides, if the RSI manages to climb and settle above level 50, this would mean that the bearish trend is most likely to fade away, and the bulls may gain traction in the short-term.
Prediction
At the moment, the $202.0 level is the key barrier for a further downside correction, thereby, a break below it may continue the downtrend and could test $190.0 support level. On the upside, the $207.0 is the key barrier, and a break above it may push the price towards $220.0 resistance level. Investors should perhaps wait for a significant breakout to take the next position.
Binance coin (BNB/USD)