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Crypto Technicals: BCH/USD fails to extends weakness below 200-DMA, retrace above will see upside resumption

BCH/USD chart - Trading View 

Exchange - Coinbase

Support: 302.24 (21-EMA); Resistance: 312.29 (200-DMA)

Technical Analysis: Bias Slightly Bullish

Bitcoin cash price is currently consolidating above the key 21-EMA support area (302.24).

BCH/USD has failed to extend weakness below 200-DMA, bias is turning slightly bullish.

HTC's announcement that Bitcoin Cash will be added to the Zion wallet is an exciting development for the crypto.

The move will enable users to make payments, send, receive and withdraw BCH with HTC's default Zion Wallet.

Major trend has gone flat as seen in the GMMA indicator. The pair is attempting retrace above 200-DMA.

Break above 200-DMA (312.29) finds immediate resistance is near the 322.16 level (110-EMA), above which the price could reach 355 (38.2% Fib).

On the downside, the key support lies at 302.24 (21-EMA). Break below 300 could see fresh declines, negating near-term bullish bias.
 

By Anupama Grandhi
  • Market Data
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