The price of Bitcoin Cash has been trading in a range as it consolidates above the $680 support level. During yesterday's trading session, there was a bearish trendline with resistance at $720. The BCH/USD pair is still at risk of losing more gains as long as it is below the $710 - $720 resistance levels. The price of Bitcoin Cash is struggling to cross the $710 level which is currently the greatest hurdle upside.
The Price of Bitcoin Cash Against the USD
After the price of Bitcoin Cash declined below $700 and moved toward $680, a low was formed near $683 and started it an upside correction. It was able to move to $690 but was not able to cross the $700 and $710 resistance levels. The 23.6% Fibonacci retracement of the last slope from $780 to $683 served as a resistance.
Bitcoin Cash (BCH) Price Today / USD
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From the look of things, the major resistance is the $700 and $710 area. If Bitcoin Cash can break this resistance, the next resistance it will face will be at $720 and $725. There was a significant bearish trendline that had resistance at $720 yesterday. This same trendline is now coinciding with the 38.2% Fibonacci retracement level of the last $780 to $683 fall from $720, the next hurdle will be at $730 and at the 100 hourly SMA.
Bitcoin Cash to USD Technical Analysis
The technical charts show that there is an obvious hurdle for buyers above the $710 level but there is little hope for a major recovery upside toward $750. Downside, the price may go toward $650 if it breaks below the $680 level according to the price analysis of Aayush Jindal from NewsBtc.
The relative strength index is below 50 and the MACD on the hourly chart is in the bearish territory. The significant resistance level is at $720 and the significant support level is at $680. Traders should not take any long-term positions yet until the market is more stable.
Posted from my blog with SteemPress : https://smartereum.com/23946/bitcoin-cash-is-trading-in-range-consolidating-above-680/