Crypto Technicals: BCH/USD rejected at cloud, violation at 200-DMA to open up downside

BCH/USD chart - Trading View

Exchange - Coinbase

Support: 289.13 (200-DMA); Resistance: 324.75 (20-DMA)

Technical Analysis: Bias Bearish

Bitcoin Cash hovers around $300 mark, is extending weakness for the 2nd straight session.

BCH/USD has been rejected at daily cloud and 20-DMA. Technical indicators are turning bearish on intraday charts.

Major trend is bearish. Momentum is with the bears and volatility is rising, scope for weakness.

The pair finds strong support at 200-DMA at 289.13. Violation there will open up downside.

Next major support below 200-DMA aligns at 61.8% Fib at 243.03 ahead of 227.40 (Apr 29 low).

On the flipside, 20-DMA is strong resistance at 324.75. Breakout above cloud negates bearish bias.

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