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Crypto Technicals: BCH/USD breaks 4H 200-SMA support, hits 4-week lows at 237.50, bias lower

BCH/USD chart - Trading View 

Exchange - Coinbase

Support: 209 (Trendline); Resistance: 251.51 (50-DMA)

Technical Analysis: Bias Bearish

Bitcoin Cash is extending previous session's slump, trades 0.78% lower at 243.95 at 08:10 GMT.

BCH/USD has broken below strong supports at 2H 400 SMA and 50-DMA and is currently hovering around 61.8% Fib at 234.03.

Major trend is neutral, minor trend has shifted to bearish. Momentum with the bears and volatility is rising.

Next major support lies at 209 (Trendline). Violation there will see test of 78.6% Fib at 168.35.

50-DMA has now turned immediate resistance at 251.51. Break above 55-EMA (267.01) will see near-term bearish invalidation. 
 

By Anupama Grandhi
  • Market Data
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