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.

Eren Sengezer FXStreet

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

FXStreet

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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