THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to move aloft the $680 akin adjoin the US Dollar. BCH/USD is acceptable to resume its downside beneath the $660 level.
Bitcoin Cash Price Resistance
There was a accessory upside correction accomplished bygone from the $625 beat low in bitcoin banknote amount adjoin the US Dollar. The amount confused aloft the $650 attrition to actual higher. It additionally bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $708 beat aerial to $625 low. Later, it started afterward a appropriate bullish aisle aloft the $640 level.
However, the amount could not accretion drive aloft the $680 akin and the 100 alternate simple affective average. Moreover, the 38.2% Fib retracement akin of the last decline from the $708 beat aerial to $625 low additionally acted as a attrition for buyers. As a result, there was a downside acknowledgment beneath the $670 level. Added importantly, there was a breach beneath a concise ascendance approach with abutment at $665 on the alternate blueprint of the BCH/USD pair. The brace is now trading able-bodied beneath the $680 attrition and it charcoal at a accident of added losses.
If the brace abide to move down, it could retest the $650 level. Below $650, the amount may alike retest the aftermost beat low of $625 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is assuming a few tiny bullish signs aloft 40.
Major Support Level – $650
Major Resistance Level – $680
Charts address – Trading View
