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Crypto Technicals: BCH/USD attempts 200-DMA breakout, technical studies turn bullish

Tue, 14 Jan 2020, 10:46 am UTC

BCH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias turning Bullish

GMMA Indicator: Major Trend - Turning bullish; Minor Trend - Strongly bullish

Overbought/ Oversold Index: Overbought

Volatility: Rising

Support: 272.40 (200-DMA); Resistance: 302.86 (38.2% Fib)

BCH/USD spikes on the day, trades 5.94% higher on the day at 282.82 at around 10:20 GMT.

The pair has broken above 200-DMA and technical studies have turned bullish.

Price action has broken above major moving averages and daily cloud, momentum with the bulls.

GMMA shows bullish shift in short-term trend with short-term moving averages crossing over long-term moving averages.

Further, the longer-term moving averages are also turning which if successful will see a new bull run.

For now, close above 200-DMA eyes next major hurdle at 38.2% Fib at 302.86 ahead of upper BB (weekly) at 323.82.

Failure to hold break above 200-DMA will see sideways grind. Retrace below 200H MA (252) negates bullish bias.

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