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Crypto Technicals: BCH/USD bounces off 200-DMA support, breach below required for downside continuation
BCH/USD chart - Trading View
Exchange - Coinbase
Support: 284.16 (200-DMA); Resistance: 325.94 (21-EMA)
Technical Analysis: Bias Bearish
Bitcoin Cash has bounced off 200-DMA support on Thursday, bias remains bearish.
The pair has however failed to extend gains and has resumed weakness. Scope for re-test of 200-DMA.
BCH/USD has brushed aside 'Dragonfly Doji' formation on previous day's candle and was trading at 306.38, down 2.66% at 07:15 GMT.
Indicators are biased lower. Stochs and RSI show bearish momentum. Upside is capped at cloud and 55-EMA resistance.
That said, volatility is low. Decisive break below 200-DMA could change dynamics to plummet prices.
Next major support aligns at 243.03 (61.8% Fib). While, on the flipside, retrace above 55-EMA negates near-term bearishness.