Crypto Technicals: BCH/USD finds strong support at 4H 200 SMA (262.73), break below to plummet prices

BCH/USD chart - Trading View

Exchange - Coinbase

Support: 262.73 (4H 200 SMA); Resistance: 268.49 (55-EMA)

Technical Analysis: Bias Bearish

BCH/USD was trading 0.97% lower on the day at 263.42 at 09:05 GMT after closing 0.34% higher in the previous session.

The pair has resumed weakness after a brief pause over the weekend, scope for further weakness.

Major trend is neutral, minor trend has shifted to bearish. Momentum studies are bearish and volatility is rising.

The pair currently holds strong support at 4H 200 SMA at 262.73. Break below will plummet prices.

Next major support lies at 50-DMA at 251.53 ahead of 61.8% Fib at 243.03.

Strong resistance is seen at 274 (nearly converged 21-EMA and 100-DMA). Near-term bearish invalidation on break above.

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