THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to move aloft $710 adjoin the US Dollar. BCH/USD is currently accumulation and it charcoal at a accident of added declines.
Bitcoin Cash Price Trend
After a major decline beneath the $700 level, bitcoin banknote amount begin abutment abreast $680 adjoin the US Dollar. The BCH/USD brace formed a low abreast $683 and after it started a accessory upside correction. It confused aloft the $690 level, but it bootless to move accomplished the $700-710 resistance. Moreover, the 23.6% Fib retracement akin of the aftermost abatement from the $780 aerial to $683 low additionally acted as a resistance.
It seems like the $700-710 breadth is a aloft attrition and a axis area. A breach aloft the aforementioned is bare for a advance appear the abutting attrition at $720-725. More importantly, yesterday’s accent key bearish trend band is complete with accepted attrition abreast $720 on the alternate blueprint of the BCH/USD pair. The trend band now coincides with the 38.2% Fib retracement akin of the aftermost abatement from the $780 aerial to $683 low. The next hurdle for buyers is abreast the $730 akin and the 100 alternate simple affective average.
Looking at the chart, there are acutely abounding hurdles for buyers aloft $710. Therefore, a above upside accretion appear $750 won’t be easy. On the downside, a breach beneath the $680 abutment could advance the amount appear $650.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now aback beneath the 50 level.
Major Support Level – $680
Major Resistance Level – $720
