THELOGICALINDIAN - Key Points
· Bitcoin banknote amount beneath added and confused to a new account low at $650 adjoin the US Dollar.
· There is a new abutting bearish trend band formed with attrition abreast $690 on the alternate blueprint of the BCH/USD brace (data augment from Kraken).
· The brace is acceptable to extend losses appear the $640 and $630 levels in the abreast term.
Bitcoin banknote amount is aback in a declivity beneath $700 adjoin the US Dollar. BCH/USD may conceivably abide to abatement appear the $630 akin if sellers abide in action.
Bitcoin Cash Price Resistance
There was a fresh downside wave accomplished from the $780 beat aerial in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace bootless to accretion traction, confused down, and bankrupt a few important supports such as $750 and $700. The abatement was such that the amount alike burst the 76.4% Fib retracement akin of the aftermost leg from the $665 beat low to $780 high.
It resulted in added losses beneath the $665 beat low and the amount traded to a new low abreast $650. It seems like the amount may abide to move bottomward appear the $640 and $630 levels. The abutting ambition could be the 1.236 fib addendum akin of the aftermost leg from the $665 beat low to $780 high. Further beneath this, the amount may alike analysis the $620 abutment zone. On the upside, an antecedent attrition is abreast the $680 level. There is additionally a new abutting bearish trend line formed with attrition abreast $690 on the alternate blueprint of the BCH/USD pair.
Looking at the chart, the amount charcoal in a above declivity beneath $700. If there is no accretion eventually or later, the amount may alike analysis the $600 handle.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now abreast the oversold levels.
Major Support Level – $630
Major Resistance Level – $690
