The analysis of the cost Bitcoin Cash: buyers are faced with strong resistance.

The analysis of the cost Bitcoin Cash: buyers are faced with strong resistance.

Key points

  • The cost Bitcoin cash increased significantly with the level of support at $650.
  • On the four-hour chart has formed two bearish trend line resistance of $770 and $810 (for data exchange Kraken).
  • To further enhance the course it is necessary to break through the barrier of $800.

The cost of the BCH holds above $700, however, preservation of the uptrend is possible only in case of overcoming barriers $800-810.

It is expected the further course correction.

This week Bitcoin Cash plummeted in price. During the lowering of the rate from $1,000 sellers struck the barriers at $800 and $700. However, a further decline has stopped at the strong support level in the area of $650, then started a correction. During the fall, from $931 to $651 cryptocurrency was trading below 23.6% Fibonacci level.

On the four-hour chart there are two lines of the bearish trend with resistance at $770 and $810. The main barrier is next with an average moving rate for a hundred hours - $800.

The graph shows that buyers need to overcome the resistance zone in the area of $800. The next resistance level formed at around $900. Barriers support are at $720, $700 and $650.

The MACD in 4 hours – in the zone of the bullish trend.

The RSI 4 hours – above 50.

The main support level of $700.

Major resistance at $810.

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