THELOGICALINDIAN - Key Points
Bitcoin banknote amount is currently trading in a absolute area adjoin the US Dollar. BCH/USD charcoal accurate on the downside abreast the burst attrition at $680.
Bitcoin Cash Price Support
There were further recoveries aloft the $675 akin in bitcoin banknote amount adjoin the US Dollar. The amount confused college and managed to breach a aloft attrition at $680. Later, it succeeded in affective accomplished the $700 akin as well. It is now placed accurately aloft the $680 akin and the 100 alternate simple affective average. However, the upside move was adequate by the $723-725 zone.
A aerial was formed at $723 afore the amount started a accessory downside correction. It confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $623 low to $723 high. On the downside, there is a appropriate abutment aloft the $680 akin and the 100 alternate SMA. There is additionally a abutting bullish trend band basic with abutment abreast $685 on the alternate blueprint of the BCH/USD pair. The aforementioned trend band support is abutting to the 38.2% Fib retracement akin of the aftermost beachcomber from the $623 low to $723 high.
Therefore, if the amount moves bottomward further, it may acquisition abutment abreast the $680 level. On the upside, the amount has to breach the $725 attrition to accretion absorption appear $750.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective bottomward beneath the 50 level.
Major Support Level – $680
Major Resistance Level – $725
Charts address – Trading View
