• FxWirePro: bch/usd technical outlook

    Source: FxWire Pro - Digital Currency / 14 Aug 2018 01:00:25   America/New_York

    • BCH/USD continues drag lower along 5-DMA, trades 6.67% lower on the day at 497.13 at the time of writing.
       
    • Price action has hit new lows since Nov 2017 at 471.01 before paring some losses to currently trade at 495 levels.
       
    • The pair which has been under consolidation since June 2018 has likely resumed downside.
       
    • We are seeing a downward spiral for the 3rd straight week, no respite from bears yet.
       
    • Technical indicators highly bearish and support further weakness, acute declines likely in the pair.
       
    • Downside till 255 (major trendline support) likely. Violation there could see further weakness.
       
    • Bitmain developers have been interested in Bitcoin Cash development lately and have increased BCH holding.
       
    • 55-EMA caps upside and break above could see bearish invalidation with scope for reversal.

    Support levels - 400 (psychological mark), 305 (Oct 2017 low), 255 (major trendline)

    Resistance levels - 546 (5-DMA), 656 (21-EMA), 755 (55-EMA)

    FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 145.038 (Bullish) at 0445 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

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