THELOGICALINDIAN - Key Points
Bitcoin banknote amount continued declines beneath $700 adjoin the US Dollar. BCH/USD is currently acclimation higher, but it is adverse hurdles abreast $760.
Bitcoin Cash Price Resistance
There was an increase in affairs pressure beneath $800 on bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace continued declines beneath the $750 and $700 levels. It traded appear the $650 akin and formed a low at $664. Later, the amount started an upside alteration and confused aloft the $700 level. However, the amount is still way beneath the $800 handle and the 100 alternate simple affective average.
The amount confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $905 aerial to $664 low. However, there are abounding hurdles for buyers abreast the $750-770 zone. More importantly, there is a above bearish trend band in abode with attrition at $765 on the alternate blueprint of the BCH/USD pair. Additionally, the 50% Fib retracement akin of the aftermost abatement from the $905 aerial to $664 low is abreast the $785 level. Therefore, the amount has to beat the $750, $770 and $785 resistance levels to affected sellers abreast $800.
Looking at the chart, the amount is disturbing to move added college aloft $770. As continued as the amount is beneath the $800 handle, there is a accident of added losses beneath $700 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied aloft the 50 level.
Major Support Level – $700
Major Resistance Level – $770
