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BCH/USD bullish rout surpasses DMAs and EMAs, but halts at major hurdle ahead of hard-fork

Although rallies of bitcoin cash (BCHUSD) are intensified as it take-off rallies above DMAs on hammer formation at $427 levels, bulls seemed to be halted for now.

Today, bears are attempting to counter with a potential hanging man pattern which is bearish in nature. More rallies are on the cards only upon decisive break-out above stiff resistance (refer daily plotting).

Stiff resistances are observed at $593.80 and $660.10 levels.

Strong supports are seen at $528.80, $477.50 and $408 levels.

Momentum study: Both leading oscillators (RSI & stochastic curves) have been showing upward convergence that indicates intensified buying momentum.

Trend study: Both lagging indicators (DMAs and MACD) are showing bullish crossovers to signal uptrend continuation on daily terms.

Current trend, on intermediate term, has been spiking above 7 & 9-EMAs upon hammer formation at $450.60 levels and engulfing pattern at $571.60 levels (refer weekly chart). Well, ahead of BCH hard fork (scheduled on November 15th), more rallies are possible only upon break-out above stiff resistance of $593.80 mark, while both leading oscillators also substantiate buying momentum on this timeframe as well.

This cryptocurrency has been stimulated, from the recent past, when Coinbase and Binance announced their support for the upcoming Bitcoin Cash hard fork. The world’s renowned largest crypto-to-crypto exchanges, have announced support for the asset by claiming that it would be suspending BCH deposits and withdrawals an hour or two prior to the hard fork’s expected date.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 112 levels (which is bullish), hourly USD spot index was at -67 (bearish), while articulating (at 11:32 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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