FxWirePro: BCH/USD stalls upside, 'Shooting Star' formation raises scope for further weakness

• BCH/USD stalls upside below 1600 mark, is extending weakness from 2-month highs at 1567.
   
• The pair failed to extend breakout above daily cloud, slips back below 110-EMA.
   
• Price has broken below 5-DMA and we see scope for further weakness.
   
• We evidence a 'Shooting Star' formation on the daily charts which raises scope for weakness.
   
• Technical studies are turning bearish, RSI and Stochs are on verge of rollover from overbought levels.
   
• Cloud offers immediate support at 1158. Break below will we drag lower.
   
• Major resistance lies at 110-EMA at 1391 ahead of 23.6% Fib at 1473.

Support levels - 1158 (cloud top), 1030 (55-EMA), 999 (21-EMA)

Resistance levels - 1295 (5-DMA), 1391 (110-EMA), 1473 (23.6% Fib), 1567 (April 24 high)

Recommendation: Watch out for close below 5-DMA to go short, target 1155/ 1030/ 1000

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