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Bitcoin cash chart on Trading View used for analysis
- Bitcoin cash pauses 3-day bull run, finds stiff resistance at 110-EMA.
- BCH/USD is trading 2.71% lower on the day at 549 at the time of writing.
- The cryptocurrency was given a boost recently when Coinbase and Binance announced their support for the upcoming Bitcoin Cash hard fork.
- We are seeing some overbought pressures. Pullbacks possible at stiff resistance.
- Cloud offers immediate support at 533, break below could see further weakness.
- On the upside, breakout at 110-EMA could see test of 23.6% Fib at 745.
Support levels - 533 (cloud top), 495 (5-DMA), 450 (20-DMA)
Resistance levels - 575 (110-EMA), 659 (Sept 2nd high), 745 (23.6% Fib)
Recommendation: Watch out for break above 110-EMA to go long, place stops at 530, target 660/ 700/ 745.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
