THELOGICALINDIAN - Key Points
Bitcoin banknote amount is acclimation lower from able-bodied aloft $800 adjoin the US Dollar. BCH/USD charge break aloft the $720 abutment breadth to abstain added declines.
Bitcoin Cash Price Resistance
There were further gains in bitcoin banknote amount aloft the $800 akin adjoin the US Dollar. The BCH/USD brace alike bankrupt the $820 attrition and traded to a new account aerial at $829. Later, it faced sellers and started a downside alteration beneath $800. There was a abundant downside move and the amount bankrupt the 50% Fib retracement akin of the aftermost beachcomber from the $716 low to $829 high.
During the decline, there was a breach beneath a abutting bullish trend band with abutment at $770 on the alternate blueprint of the BCH/USD pair. The brace alike bankrupt a major support at $760 and acclimatized beneath the 100 alternate simple affective average. At the moment, the amount is trading abreast the 76.4% Fib retracement akin of the aftermost beachcomber from the $716 low to $829 high. It may extend the accepted abatement appear the aftermost beat low of $716 or the $720 support.
Looking at the chart, the amount charge breach aloft the $716-720 abutment zone. It holds a lot of accent and a breach beneath it could put a lot of burden on buyers. On the upside, the burst abutment at $760 may now act as a resistance.
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 is able-bodied beneath the 40 level.
Major Support Level – $720
Major Resistance Level – $760
