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Bitcoin Cash Technical Analysis: BCH/USD steadies below $700, downside looks vulnerable

  • BCH/USD refreshes two week low at $672, starts consolidating daily losses in a tight range below the $700 mark.
  • The RSI on the daily chart fails to recover above 40, suggests that yesterday's rise was not good enough to scare off the bears.
  • With a break below $650, the pair could extend losses toward a fresh 2018 low near $600.

BCH/USD daily chart

Spot rate:                 680

Relative change:      -3.66%

High:                        706

Low:                         672

Trend:                      Bearish

Support 1:                650 (Jun 28/Jun. 29 low).

Support 2:                600 (Apr. 4/5 low/2018 low).   

Support 3:                520 (Nov. 9, 2017, low).  

Resistance 1:           730 (20-DMA).

Resistance 2:           780 (Fibo. %23.6 retracement of Jun. 3 - 29 fall).

Resistance 3:           860 (Fibo. %38.2 retracement of Jun. 3 - 29 fall).

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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