BCH bulls bounce back at strong support to celebrate 1st anniversary but 7-DMA major barrier – Minor trend still slides through sloping channel

• With an objective of serving "Peer-to-Peer Electronic Cash" system, Bitcoin cash has incepted and emerged as a byproduct of Bitcoin hard-fork a year ago. Yes, August 1st 2017 has been the milestone year for this cryptocurrency and today it celebrates its 1st anniversary. As of now, the Bitcoin owners as of block 478558 are also the proud owners of Bitcoin Cash.

• On this occasion, the price of BCHUSD is experiencing a minor bullishness for the day as the pair bounced back from the lows of $734.4 levels (where it tested strong support) to the current $761.7 levels, when bulls attempt to extend rallies, 7-DMA nudges below as it struggles for momentum (refer 4H chart). While we reiterate the minor trend of BCHUSD still slides through falling wedge formation (refer daily chart).

• Shooting Star patterns pop up at stiff resistance (at 755.4 and 763.5 levels) coupled with bearish momentum to signal extreme weakness. Consequently, the bears plummet prices below DMAs & EMAs.

• While on intermediate trend, the current prices sliding below EMAs, more dips likely on bearish EMA & MACD crossovers as both leading oscillators also substantiate bearish momentum. The strong support is seen at 734-740 zone.

• The development team at Bitcoin Cash is focusing on optimizing for fast day to day transactions. This is the sole reason why Purse chose to implement Bitcoin Cash over cryptocurrencies like Ethereum, sources say.

Currency Strength Index: FxWirePro's hourly BTC spot index has shown -105 (which is bearish), while hourly USD spot index was at -58 (bearish ahead of Fed’s monetary policy announcements) while articulating at 12:33 GMT.

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