Crypto Technicals: BCH/USD extends weakness below daily cloud, eyes trendline support at 209.75

BCH/USD chart - Trading View

Exchange - Coinbase

Support: 209.75 (Trendline); Resistance: 236.32 (5-DMA)

Technical Analysis: Bias Bearish

BCH/USD edges higher from session lows at 215.75, bias strongly bearish.

The pair is extending weakness below daily cloud, is on track to test trendline support at 209.75.

Technical indicators are strongly bearish. Oscillators are at oversold, but no signs of reversal seen

The pair is extending downside for the 2nd straight week after Doji formation at highs on the weekly chart.

Violation at trendline support at 209.75 is likely to plummet prices further, drag till 78.6% Fib at 168.35 likely.

5-DMA is immediate resistance at 235.92. Bounce off trendline support and break above 5-DMA could see gains till 50-DMA at 251.87.

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