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Although bitcoin cash (BCHUSD) has attempted to take-off rallies above DMAs on hammer formation, bulls seemed to have exhausted at the stiff resistance levels of $660 levels.
Now, bears are attempting to counter on the failure swings at the stiff resistance. Consequently, the current prices slid below 7DMAs, both leading oscillators are in tandem with the prevailing downtrend (refer daily plotting).
Stiff resistances are observed at $593.80 and $660.10 levels.
Strong supports are seen at $497.97, $477.50 and $408 levels.
On the flipside, the current intermediate trend, has been consolidating above 7 EMAs upon hammer formation at $450.60 levels and engulfing pattern at $571.60 levels but restrained below 21EMAs (refer weekly chart).
Momentum study: Both leading oscillators (RSI & stochastic curves) have been showing downward convergence on daily terms that indicates intensified selling momentum, whereas stochastic is pointing towards bullish risks on weekly terms.
Well, ahead of BCH hard fork (which is scheduled on November 15th), discussions over the prospects of Bitcoin Cash have been observed among its community skewed between two troops.
Upon the decision to implement a 'pre-consensus' protocol in a long-scheduled software upgrade to Bitcoin Cash on hard-fork day.
While Binance has made announcements that it is equipped with the hard fork transition and will manage the issuance of new tokens on behalf of customers. Other major exchanges like Coinbase Pro and Poloniex have also announced assistance for the event which facilitates current Bitcoin Cash holders receive a new 'free' digital asset 1: 1 for held BCH on that date.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -85 levels (which is bearish), hourly USD spot index was at 67 (bullish), while articulating (at 12:40 GMT). For more details on the index, please refer below weblink:
