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If you plot intraday chart of BCH/USD, we arrive with a question.
Can drag double top formation? Bears pop at sloping channel resistance in minor trend.
The pair forms this bearish pattern with top 1 at 889.9, top 2 at 879.5, and neckline at 742.5 levels.
On a broader perspective, in tandem with the bearish phase of cryptocurrency industry, bitcoin cash (BCH) has also plunged considerably in the price and value in the recent past from the highs of $3,500 to the current $791 levels while articulating. The trend has been sliding through sloping channel which is again bearish in nature while shooting star pops up at channel resistance (at 803.7 levels, refer daily plotting). Both moment oscillators (RSI and stochastic curves) on this timeframe signal intensified bearish momentum.
Bears of this pair extend further slumps on the above-highlighted double top pattern that is coupled with bearish DMA and MACD crossovers and with intensified bearish momentum.
Fundamentally, Bitcoin cash is a comparatively new invention in the cryptocurrency industry. It came into the picture as the result of a bitcoin fork back in late 2017. We reckon this crypto-asset is yet to evolve and capitalizing prevailing technical rationale, at spot reference: 787.1 levels, it wise to stay short in this pair for the targets upto 742.4 levels with the strict stop loss at 834.9357 levels.
Currency Strength Index: FxWirePro's hourly BTC spot index is at shy above -55 levels (which is bearish), hourly USD spot index is inching at 1 level (neutral), while articulating (at 14:58 GMT). For more details on the index, please refer below weblink:
