THELOGICALINDIAN - Key Points
Bitcoin banknote amount backward aloft the $600 abutment adjoin the US Dollar. BCH/USD charge beat the $645-650 area for added upsides in the abreast term.
Bitcoin Cash Price Resistance
There was no aloft move aloft $650 in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace remained in a bound ambit aloft the $610 akin during the accomplished three sessions. There was a dip beneath the $630 akin on a few occasions, but the $625 akin acted as a abutment and prevented losses. Having said that the amount is now able-bodied beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $549 beat low to $660 high.
On the downside, the $625 akin is an antecedent abutment and it coincides with the 100 alternate simple affective average. Below $625, the amount could analysis the $605 abutment zone. It represents the 50% Fib retracement akin of the last wave from the $549 beat low to $660 high. Should the amount abort to break aloft the $600-605 support, it could accelerate aback appear the $550 level. On the upside, there is a above bearish trend band in abode with attrition at $648 on the alternate blueprint of the BCH/USD pair.
Looking at the chart, BCH amount is acutely trading in a ambit aloft the $600-605 zone. Once there is a breach aloft the $645-6540 zone, there could be a appropriate assemblage appear $680 and $700.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has confused beneath the 50 level.
Major Support Level – $605
Major Resistance Level – $645
