THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath heavily afterwards closing beneath $700 adjoin the US Dollar. BCH/USD could abide to move bottomward appear the $620 and $600 levels.
Bitcoin Cash Price Decline
There was a decent recovery bygone aloft the $700 akin in bitcoin banknote amount adjoin the US Dollar. However, the BCH/USD brace was completed alone by the $708-710 attrition area. Many hurdles abreast the $710 akin prevented an upside break, including the 100 alternate simple affective average. The 61.8% Fib retracement akin of the aftermost bead from the $720 aerial to $680 low additionally acted as a resistance.
More importantly, yesterday’s accent important bearish trend band prevented assets abreast $705 on the alternate blueprint of the BCH/USD pair. The brace started a aciculate downside move and bankrupt the $700 and $670 abutment levels. It opened the doors for more losses and the amount alike bankrupt the $650 support. It seems like the amount is acceptable to advance losses beneath $650 and it could barter appear the $620 support. Beneath this, the amount ability alike analysis the $600 handle. An antecedent attrition on the upside is abreast the $650-660 zone.
Looking at the chart, BCH amount is acutely in the red area beneath $670. If it corrects higher, the antecedent supports like $670, $680 and $700 are acceptable to act as a able barrier for buyers. On the downside, $600 abutment may able-bodied comedy an important role in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now abreast the oversold levels.
Major Support Level – $620
Major Resistance Level – $670
