FxWirePro: Bitcoin cash pauses bull run at 110-EMA, good to stay long on break above

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.