Crypto Technicals: Bitcoin Cash holds 55-EMA support, break below to see weakness

BCH/USD chart - Trading View

Exchange - Coinbase

Support: 397 (55-EMA); Resistance: 430 (21-EMA)

Technical Analysis: Bias turning bearish

Bitcoin Cash slips below 50-DMA and dips into daily cloud, scope for further weakness.

Technical indicators are showing signs of weakness. 5-DMA has broken below 20-DMA and is sharply lower.

MACD is on verge of a bearish crossover on signal line. RSI below 50 and biased lower. Stochs show bearish momentum.

Bearish divergence of price action from RSI and Stochs on the daily charts adds to bearish bias.

The pair is holding strong support at 55-EMA (currently at 397) from the past few sessions.

Break below 55-EMA will see further downside. Next major bear target lies at 38.2% Fib at 347.94.

5-DMA is immediate resistance at 417. Break above 21-EMA will negate the near-term bearish bias.

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