Technical analysis of Bitcoin Cash as of 04/03/2018

Consolidation continues. Price resist pressure

Bitcoin Cash price resists

Yesterday we could observe a minor price correction, which began at $625. The BCH price managed to rise above the resistance line at $650. The price broke through the 23.6% fibonacci. Later, at $640, the bullish pressure continued.

Be that as it may, prices were unable to close above $680 and the 100 hourly MA. As a result, we could see a negative reaction below $670. It is also important that there was a breakout below $665 on the hourly time frame. 

The BCH/USD pair is currently trading below the support line at $680, there are high chances of further depreciation. If BCH falls, there is a possibility of a retest of the $650 mark, and if the price closes below this level, then it may fall below $625.

Let's look at the technical indicators:

MADC indicator shows bearish momentum

The relative strength index is just above the 40 mark

The main support level is - $650

The main resistance level is $680

According to https://www.newsbtc.com