THELOGICALINDIAN - Key Points
Bitcoin banknote amount is still in a bearish area beneath $725 adjoin the US Dollar. BCH/USD recoveries appear the $708-710 area are acceptable to face sellers.
Bitcoin Cash Price Resistance
Yesterday, there was a minor upside move aloft the $700 akin in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace traded aloft the $710 level, but upsides were capped. It seems like the 100 alternate simple affective boilerplate abreast $716-718 prevented gains. Moreover, the 61.8% Fib retracement akin of the bead from the $735 aerial to $684 low additionally acted as a resistance.
As a result, the amount confused bottomward already afresh and traded beneath the $700 support. It alike bankrupt the aftermost beat low at $684 and traded to a new low at $680. At the moment, the amount is accumulation losses aloft the $680 level. An antecedent attrition is abreast the 50% Fib retracement akin of the aftermost abatement from the $718 aerial to $680 low. Moreover, there is a new abutting bearish trend band basic with attrition at $708 on the alternate blueprint of the BCH/USD pair. Therefore, if the amount corrects college from the accepted levels, it could face sellers abreast the $700, $708 and $710 levels.
Looking at the chart, BCH amount is trading in a bearish area beneath $710 and the 100 alternate SMA. If sellers advance the amount beneath the $680 low, there could be added declines appear $650.
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 aloof aloft the 40 level.
Major Support Level – $680
Major Resistance Level – $710
