Crypto Technicals: BCH/USD finds stiff resistance at 55W EMA at 358.85, break above to propel prices higher
Wed, 22 Jan 2020, 11:22 am UTC
BCH/USD chart - Trading View
Exchange - Coinbase
Technical Analysis: Bias Bullish
Support: 338 (200H MA); Resistance: 358.85 (55W EMA)
BCH/USD was trading 0.68% higher on the day at 345.31 at around 11:10 GMT.
The pair is extending gains for the 3rd straight session, hovers around 50% Fib retracement.
Correction has held above 200H MA and technical indicators are still biased higher.
Major and minor trend are bullish and no major signs of reversal seen on account of overbought oscillators.
Correction has proved to be shallow and price is set to resume upside. Major resistance lies at 55W EMA (currently at 358.85), breakout will propel prices higher.
Breach at 200H MA support (338) will see dip till 21-EMA at 296.65. Violation at 21-EMA support negates near-term bullish bias.
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