Bitcoin Cash [BCH] Price Analysis: Bears take charge as bulls fail to sway market

Bitcoin Cash [BCH] resisted the bear attack on March 12, managing to keep its place in the top 10. The token was priced at $128.40 at press time, garnering about $242 million in trading volume over the past 24 hours.

The coin dropped in value against the US dollar, registering a drop of 3.15%. The token’s market capitalization was steady at $2.26 billion.

1-hour

The one-hour chart showcased an uptrend which extended from $123.20 to $131.20, followed by multiple small downtrends. The prominent downtrend stretched from $130.70 to $128.20.

The Parabolic SAR’s dotted markers remained above the candlesticks and indicated a bearish trend for the coin.

The MACD line pointed at an invasion by the bears as the red and blue line underwent a bearish crossover.

The Fisher Transform also indicated a bearish market as the marker line was under the orange line.

1-day

The long-term chart observed the token recovering part of its valuation in December 2018, after a brutal bear attack. However, the coin failed to sustain the bullish momentum, resulting in another downtrend. The downtrend extended from $194.90 to $153.20, while the resistance remained constant at $132.50.

The Bollinger Bands indicated stable price valuation for the coin as the band was moving in a uniform manner.

The Relative Strength Index or RSI indicated that the selling and buying pressures had evened each other out.

The Chaikin Money Flow or CMF indicated the absence of cash flow for the token as the marker remained under the zero.

Conclusion

Both the short-term and long-term indicators projected a bearish future for the coin.