- Minor recovery in BCH/USD capped below 5-DMA at 520, bias bearish.
- Multiple rejection of price at 55-EMA resistance raises scope for weakness.
- Successive spinning top and Dojis at highs suggest lack of upside momentum.
- 21-EMA is currently offering support at 507 level. Break below will see further weakness.
- Scope for dip till 370 (trendline support). Bearish invalidation on 55-EMA breakout.
Support levels - 508 (21-EMA), 471 (Aug 14 low), 407 (Sept 17 low), 370 (major trendline)
Resistance levels - 520 (5-DMA), 545 (55-EMA), 587 (Sept 27 high)
Call update: We stand by our previous short call (https://www.econotimes.com/FxWirePro-BCH-USD-short-opportunity-1438629).
Recommendation: Hold for weakness below 21-EMA.
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 22.7409 (Neutral) at 1115 GMT.
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
