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Bitcoin cash (BCHUSD) has dipped below $1,200 levels. While the minor trend of this pair slides through sloping channel, where the hanging man pattern which is bearish in nature pops up at the stiff resistance. Both leading as well as the lagging indicators signal further weakness (refer 4H chart).
On daily plotting, long-legged doji pattern has occurred at peaks of rallies of 1759.7 levels, ever since then the price has tumbled below EMAs.
Momentum study: Both leading oscillators (RSI and stochastic curves) converge downwards along with the prevailing price dips on both timeframes that indicates the strength and the momentum for the bearish swings.
Trend study: The lagging indicators (SMA, EMA, and MACD on both timeframes) show bearish crossovers that signal downswings to prolong further.
Currently, one of the top 5 cryptocurrencies by market capitalization, Bitcoin Cash - itself invented and developed in a fork from Bitcoin last year. In this post, we look at the key protocol changes to be introduced and their likely implications.
So, for now, the prime focus is on Bitcoin Cash ecosystem right now as it ventures into this major upgrade in the near future. A number of features would be deployed through this software upgrade. Potentially, the vital modifications are proposed for BCH in this hard fork and beyond to be mindful of.
Over the recent past, the Bitcoin Cash price has dropped for over $1,400 all the way down to $1,150. Ever since that time, the value bounced back to nearly $1,300, but holding on to that momentum has proven to be far more difficult than speculators imagined at first.
With the Bitcoin Cash price now dropping below $1,200, an interesting trend is forming, which may push the value down to $1,150 once again. Due to this 5.61% decline in the past 24 hours, Bitcoin Cash is one of the bigger “losers” of the day so far.
Currency Strength Index: FxWirePro's hourly USD spot index has shown 37 (which is mildly bullish), while hourly BTC spot index was at -116 (highly bearish) while articulating at 13:48 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/fxwire/currencyindex
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