Bitcoin Cash [BCH/USD] Technical Analysis: Bullish stampede comes to a halt as sideways movement persists

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Bitcoin Cash [BCH]’s massive bullish run seems to have come to a halt as the prices have started dropping. The investor sentiment for the cryptocurrency has been wavering between the positive and the negative as many fans and enthusiasts of the cryptocurrency are waiting for the November 15 hard fork.

1-hour:

The one-hour cryptocurrency chart shows an uptrend in the $474.63-$574.45 range and a downtrend that saw the price drop from $611.23 to $597.22. The immediate resistance of the cryptocurrency is at $634 while the support has been holding at $408.09.

The Awesome Oscillator shows the market momentum of Bitcoin Cash slowly picking up after a lull.

The Chaikin Money Flow indicator has fallen below the axis, a bearish indicator. The fall in the graph is a sign that the money is flowing out of the market due to the change in investor sentiments.

1-day:

The one-day BCH chart shows a marked downtrend from $864.97 to $527.67. The recent upward trend has taken the price from $436.86 to $629.30. The long-term support has been holding at $410.92.

The Relative Strength Index [RSI] has crossed the overbought zone and is slowly creeping back into the RSI zone. The threshold cross is indicative of the buying pressure being more than the selling pressure.

The MACD graph shows the signal line and the MACD line moving in tandem in an upward direction. The rise up has also coincided with the MACD histogram behaving in a bullish manner.

Conclusion:

The AO, RSI and the MACD all point to a bullish run with sporadic sideways movements. Only the CMF has taken the side of the bear with the graph crashing towards the bottom.

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