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Crypto Technicals: BCH/USD edges lower from 5-week highs at 358.58, finds stiff resistance at daily cloud
BCH/USD chart - Trading View
Support: 331 (nearly converged 21-EMA and 200H SMA); Resistance: 353.87 (cloud base)
Technical Analysis: Bias Neutral
Bitcoin Cash has retraced from 5-week highs at 358.58 and was trading at 337.98 at 10:45 GMT.
Upside in the pair finds stiff resistance at daily cloud. Further gains to be limited.
Price action has retraced below 55-EMA (345.45). Technical indicators on intraday charts are turning bearish.
MACD is showing a bearish crossover on signal line and -ve DMI crossover on +ve DMI seen on the hourly charts.
Strong support is seen at 331 (nearly converged 21-EMA and 200H SMA). Decisive break below with rise in volatility will confirm weakness.
On the flipside, breakout above cloud required for upside continuation.