Crypto Technicals: Bitcoin Cash extends plunge, breaks below 61.8% Fib, bias strongly bearish

BCH/USD chart - Trading View

Exchange - Coinbase

Support: 168.35 (78.6% Fib); Resistance: 243.03 (61.8% Fib)

Technical Analysis: Bias Strongly Bearish

Bitcoin Cash is extending previous session's plunge, bias is strongly bearish.

BCH/USD was trading 9.42% lower at 223.24 at 09:30 GMT. Scope for test of 78.6% Fib at 168.35.

Technical indicators for the pair are sharply bearish, volatility is high and rising.

Weakness seen on daily and weekly charts. 'Death Cross' (bearish 50-DMA crossover on 200-DMA) adds to the bearish bias.

MACD has slipped into negative territory with a bearish crossover. ADX supports downtrend.

Immediate resistance lies at 243.03 (61.8% Fib). Bearish invalidation only above 200-DMA.

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