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Crypto Technicals: Bitcoin cash (BCH) finds strong support at 208.85, break below to strengthen bearish bias

BCH/USD chart - Trading View 

Exchange - Coinbase

Support: 208.85 (Trendline); Resistance: 232.47 (21-EMA)

Technical Analysis: Bias Bearish

Bitcoin cash (BCH) is extending gradual grind lower, technical studies support further weakness.

BCH/USD trades 0.72% lower at 215.50 at 07:10 GMT after closing 2.39% weaker in the previous session.

Stochs and RSI are sharply lower, MACD and ADX support weakness. But volatility is low.

Break below trendline support (208.85) will strengthen bearish bias, raising scope for dip till 78.6% Fib at 168.35.

Immediate resistance is at 5-DMA at 221.26. Major resistance is at 21-EMA at 232.48. Break above 21-EMA to fuel more gains.
 

By Anupama Grandhi
  • Market Data
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