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Bitcoin Cash Technical Analysis: BCH/USD struggles to hold above $700

  • BCH/USD finds support near $680, stages a technical recovery before losing its momentum after reaching a daily high at $712.50.
  • $600 support still looks vulnerable as today's gains don't seem enough to change the medium-term bearish outlook with the daily RSI staying below the 40 mark.

BCH/USD 4-hour chart

Spot rate:                   694

Relative change:        +1.16%

High:                           712.5

Low:                            683

Trend:                       Neutral/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:            734 (20-DMA).

Resistance 2:            800 (psychological level).

Resistance 3:            883 (50-DMA).

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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