- BCH/USD is currently consolidating in a flag formation.
- The price is hovering above the green Ichimoku cloud.
BCH/USD daily chart
BCH/USD bears took control of the market in the early hours of Wednesday, wherein the price fell from $343.15 to $339.80. Over the last four days, BCH/USD has been trending in a narrow range between $343.50 and $339. The price is looking to break below the support provided by the upward trending line but is comfortably hovering above the green Ichimoku cloud.
On the downside, the MACD line is looking to crossover the signal, hinting reversal of bullish momentum. The Elliott Oscillator has had four straight red sessions, while the RSI indicator has finally crept below the overbought zone. All these signs tell us that the overall market sentiment is presently bearish.