THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback in a bearish trend beneath $750 adjoin the US Dollar. BCH/USD is now adverse abounding challenges on the upside aloft $710.
Bitcoin Cash Price Resistances
Yesterday, there was a sharp downside move from able-bodied aloft $750 in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace confused by added than $50 and bankrupt the $730 and $700 supports. It traded as low as $684 and it is currently accumulation losses. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost bead from the $779 aerial to $684 low abreast $706.
However, there are abounding resistances on the upside aloft the $706 level. The antecedent abutment at $710 is a key barrier. Moreover, there is a above bearish trend band formed with attrition abreast $735 on the alternate blueprint of the BCH/USD pair. The aforementioned trend band is abutting to the 50% Fib retracement akin of the aftermost bead from the $779 aerial to $684 low. More importantly, the 100 alternate simple affective boilerplate is additionally positioned abreast the $735 resistance. Therefore, if the amount corrects higher, it could face abounding challenges about $710 and $730.
Looking at the chart, the amount is aback in a bearish trend and if it fails to move aloft $710, it could abatement further. On the downside, a breach beneath $685 may advance the amount appear the $650 support.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is acclimation college and is currently abreast 40.
Major Support Level – $685
Major Resistance Level – $735
