THELOGICALINDIAN - Key Points
Bitcoin banknote amount charcoal in a bearish area beneath $700 adjoin the US Dollar. BCH/USD charge break aloft the $600 akin to alpha a beginning recovery.
Bitcoin Cash Price Support
There were heavy losses in bitcoin banknote amount this accomplished anniversary from able-bodied aloft $700 adjoin the US Dollar. The amount beneath and bankrupt a few important supports such as $680 and $650. It traded abutting to the $600 abutment and formed a low at $599.5. Later, a accessory upside move was accomplished and the amount confused aloft $620. There was additionally a breach aloft the 23.6% Fib retracement akin of the aftermost abatement from the $725 aerial to $599 low.
However, there are abounding barriers on the upside starting with the $670 level. There is additionally a monster bearish trend band basic with attrition at $680 on the 4-hours blueprint of the BCH/USD pair. An actual attrition is abreast the 50% Fib retracement akin of the aftermost abatement from the $725 aerial to $599 low at $660. A breach and abutting aloft the $660 akin would alarm for a analysis of the $680-700 attrition zone. A able breach aloft the $700 akin could move the amount in a bullish zone.
On the downside, the $600 akin holds a lot of importance. If the amount fails to authority the $600 level, there could be added losses.
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 now aloof aloft the 50 level.
Major Support Level – $600
Major Resistance Level – $680
Charts address – SimpleFX
