BCHUSD - 1D Chart Analysis
After an increase of almost 56% since the 29th of October, it seems that the price of Bitcoin Cash has created yesterday another "peak" at the value of 648$.
Although it didn't bounce back from the Resistance Level of 658$ the drop which started yesterday it's based on lower trading volumes and it seems to continue, as there are 3 technical indicators which are showing that the price is "overbought" :
* The RSI is close to the level of 70;
* The crossover of the Stochastic above the level of 80;
* The upper standard deviation of Bollinger Bands has been reached
At this stage, even if the MACD is indicating that there is still more room for the price to grow, it is possible to see a short term sideways movement with big chances to be followed by another price decrease with the target of 557$.
Although it didn't bounce back from the Resistance Level of 658$ the drop which started yesterday it's based on lower trading volumes and it seems to continue, as there are 3 technical indicators which are showing that the price is "overbought" :
* The RSI is close to the level of 70;
* The crossover of the Stochastic above the level of 80;
* The upper standard deviation of Bollinger Bands has been reached
At this stage, even if the MACD is indicating that there is still more room for the price to grow, it is possible to see a short term sideways movement with big chances to be followed by another price decrease with the target of 557$.
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