THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring convalescent aloft $680 adjoin the US Dollar. BCH/USD needs to accumulate clip aloft $710 to alpha an uptrend in the abreast term.
Bitcoin Cash Price Resistance
This accomplished week, there was a sharp bottomward move beneath the $740 abutment in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace beneath beneath the $720 and $700 abutment levels. It traded abutting to the $650 abutment breadth and a low was formed at $662. Later, the amount started an advancement alteration and confused aloft the $680 resistance. There was a breach aloft the 23.6% Fib retracement akin of the aftermost abatement from the $770 aerial to $662 low.
However, the amount is adverse a boxy claiming abreast the $710 level. More importantly, there is a acute bearish trend band in abode with attrition at $710 on the 4-hours blueprint of the BCH/USD pair. The aforementioned trend band is abutting to the 38.2% Fib retracement akin of the aftermost abatement from the $770 aerial to $662 low. Above the trend band resistance, the 100 simple affective boilerplate (4-hours) is positioned abreast $730. An average attrition is at $720 and the 50% Fib retracement level. It seems like there are many hurdles formed abreast $710-730.
Looking at the chart, the amount charge accretion absorption aloft the $710 akin to alpha a beginning advancement move. If not, there is a accident of a bead aback appear $660.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is boring affective in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 level.
Major Support Level – $660
Major Resistance Level – $730
