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FxWirePro: Two stern bullish engulfing patterns prompt BCH/USD to 5-months highs – Fresh dips imply a fresh opportunity for longs

Bitcoin cash (BCHUSD) has formed a hammer pattern at $380.77 levels that prompt buying sentiments, consequently, bulls take-off rallies above DMAs.

Bitcoin cash price rallied from the lows of $368 levels towards the key resistance levels of $423 against the US Dollar, the price failed at that juncture several times in the recent times and recently corrected lower below $380 levels.

Anyways, for now, more upswings seem to be likely upon bullish DMA & MACD crossovers, while both the leading oscillators (RSI & Stochastic curves) substantiate buying momentum.

Bullish engulfing patterns take off rallies above DMAs to hit fresh 5-months highs (refer weekly plotting), both leading & lagging indicators on this time frame also are in conformity to the upswings, bullish EMA & MACD crossovers indicate the prevailing uptrend most likely to prolong.

Overall, by observing at the above technical charts, it is clearly understood that BCHUSD is heading for the stiff resistance of $423 areas. Having mentioned that, we wish to advocate fresh long build-ups as long as the price is above $396 (i.e. 21-DMA levels), it could extend bullish targets up to even  $415 and $420 marks.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 83 levels (which is bullish), while hourly USD spot index was at -5 (neutral) while articulating (at 13:45 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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