THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring convalescent aloft $680 adjoin the US Dollar. BCH/USD has to breach the 100 SMA to alpha a appropriate upside move.
Bitcoin Cash Price Resistance
There were further declines in bitcoin banknote amount beneath the $680 beat low adjoin the US Dollar. The BCH/USD brace bankrupt the $683 low and traded beneath the $675 level. It traded abutting to the $660 akin and formed a low at $662. Later, there was a appropriate advancement move started and the amount confused aloft the $680 level. There was additionally a breach aloft the 23.6% Fib retracement akin of the aftermost bead from the $757 aerial to $662 low.
However, the amount is now abutting a crucial resistance abreast $720-725. More importantly, this week’s accent key bearish trend band is still in abode with accepted attrition abreast $718 on the alternate blueprint of the BCH/USD pair. Before the trend line, the 100 alternate simple affective boilerplate is positioned abreast the $710 level. The 50% Fib retracement akin of the aftermost bead from the $757 aerial to $662 low is additionally beneath the trend line. Therefore, a able breach aloft $710 and the 100 SMA is bare for buyers to accretion momentum.
Looking at the chart, the amount bounced aback acutely from the $662 low. Still, a breach aloft the trend line, $720, and the 100 SMA is charge for added gains.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has confused aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is able-bodied aloft the 50 level.
Major Support Level – $680
Major Resistance Level – $720
