THELOGICALINDIAN - Key Points
Bitcoin banknote amount is beneath burden beneath the $730 axis akin adjoin the US Dollar. BCH/USD may conceivably recover, but upsides could be capped.
Bitcoin Cash Price Resistance
There was a acute abortion aloft the $750 akin in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace started a downside move and bankrupt the $735 and $705 abutment levels. BCH alike traded beneath the $700 akin and formed a new account low at $684. It is currently trading able-bodied beneath the $730 axis akin and the 100 simple affective boilerplate (4-hours), which is a bearish sign.
It is currently acclimation college appear the $710 resistance. An antecedent attrition is about the 23.6% Fib retracement akin of the aftermost abatement from the $771 aerial to $684 low. There is additionally a aloft bearish trend band formed with attrition at $710 on the 4-hours blueprint of the BCH/USD pair. However, there is a acute barrier formed abreast $730-735. It coincides with the 61.8% Fib retracement akin of the aftermost abatement from the $771 aerial to $684 low. It additionally presents the previous support area abreast $735. Therefore, a breach aloft $730-735 is bare for a beyond advancement move in BCH.
Looking at the chart, BCH amount is beneath a lot of burden beneath $730 and $710. If it slides added and break $684, it could extend losses appear the $665 level.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is boring branch into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 40 level.
Major Support Level – $684
Major Resistance Level – $730
