The value of Bitcoin has reached an all-time high of $ 40,000, and as expected, the value of other cryptos, including Bitcoin Cash (BCH), is also rising. However, the digital asset is currently facing bearish pressure as the price has dropped almost 7% in the past 24 hours.

 

At the time of this writing, BCH was traded at $ 417, while its lowest point was traded at $ 400 per daily candle.

BCH’s daily chart summarized the cryptocurrency’s rising price in an ascending channel. The ascending channel pushed various resistances and caused the BCH price to rise from $ 505 to a new high.

 

What do the technical indicators tell?

As BTC’s hard fork continues to trade above $ 400, it is witnessing selling pressure, which will be an opportunity for traders to short the cryptocurrency and earn profits during the selling pressure.

The Relative Strength Index fell below the overbought zone due to the sales it witnessed. This pressure may have been triggered by the Bitcoin downtrend seen at $ 38k. This pressure in the BTC market could further lower the price.

The Awesome Oscillator has not yet reflected these changes on the market. Currently, there are green bars showing strong BCH buying, but as the red daily candle takes shape, AO will reflect the momentum of falling buyers and increased sales.

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However, as the 50 moving average remained well below the price bars, the trend in the market continued its upward trend. Even if the price falls, the trend may not reverse.

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