Crypto Technicals: Bitcoin Cash edges above 21-EMA, signs of bullish resumption
BCH/USD chart – Trading View
Exchange – Coinbase
Support: 361 (50-DMA); Resistance: 412 (20-DMA and 2H 200-SMA)
Technical Analysis: Bias turning slightly bullish
Bitcoin Cash edges above 21-EMA which was capping upside from several sessions.
Price hit weekly highs at 410 before paring some gains to trade at 402 at 07:35 GMT.
Major trend in the pair has shown a shift to bullish as indicated by GMMA indicator.
We see signs of bullish reversal. Stochastics RSI on weekly charts is showing turn from oversold zone.
Correction in the pair has held above 50-DMA support and ‘Golden Cross’ formation keeps scope for gains.
RSI is showing a turn and has edged above 50 level. Stochs are on verge of rollover from oversold levels.
The pair finds stiff resistance at 412 (20-DMA and 2H 200-SMA). Break above to see upside. Next bull target lies at 447 ahead of 483.
Break below 50-DMA negates near-term upside. Violation at 200-DMA negates any bullish bias.
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