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FxWirePro: Shooting star hampers BCH/USD consolidation, bears drag 2-week’s lows ahead of hard fork

BCHUSD bears have been extending slumps breaching major strong supports at $500.2238 and $477.50 levels. We observed the failure swings at the stiff resistance, consequently, the current prices slid below 7DMAs with bearish MACD crossover, while both leading oscillators (RSI & stochastic curves) are in tandem with the prevailing downtrend (refer daily plotting).

Stiff resistances are observed at $477.50 and $500.2238 levels.

Strong supports are seen at $408 levels.

On the flipside, the current intermediate trend, that was consolidating from last two-three months, restrained below 21EMAs and formed shooting star pattern at $535.50 (refer weekly chart). 

Momentum study: Both leading oscillators (RSI & stochastic curves) have shown downward convergence on daily terms that indicates intensified selling momentum, while the faded strength on weekly terms.

Overall, the pair is most likely to hit a fresh 2-weeks lows below $410.10 levels.

Well, ahead of BCH hard fork (which is scheduled for today), discussions over the prospects of Bitcoin Cash have been observed among its community skewed between two troops.

BitMex sheds some light on bitcoin cash as this cryptocurrency is expected to conduct a hard-fork upgrade today. There are predominantly two competing incompatible hard-fork upgrade proposals, with the associated clients being Bitcoin ABC and Bitcoin SV. 

Hence, a potential chain split is the news; while users holding BCH prior to the hard-fork could end up with coins on both sides of the split.

Well, on settlement grounds, the BCHZ18 contract will settle at a price on the Bitcoin ABC side of any split and will not include the value of Bitcoin SV.

Currency Strength Index: FxWirePro's hourly BTC is flashing at -113 (which is bearish), hourly USD is inching at -111 (bearish), while articulating (at 05:20 GMT). 

For more details on the index, please refer below weblink:http://www.fxwirepro.com/currencyindex

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