The BCH/USD pair makes a U-reversal. The price continued to recover above the $675 level, then broke through the $680 resistance level
Later, BCH crossed the $700 mark. At the moment, bitcoin cash is trading above $680 and the 100 hourly MA. However, the price growth was stopped in the $723-725 area.
The maximum was formed at $723, after which a small downward correction began. There is now decent support above $680. On the hourly time frame we can also see a bullish candle forming near the $685 mark. This candle is close to the 38.2% fibonacci retracement.
So if prices move lower, they may find support near $680. On the other hand, if prices break through the $725 resistance level, the next target will be $750.
Let's look at the technical indicators:
MACD indicator shows movement in the bearish zone
Relative Strength Index is just below the 50 mark
Major support level - $680
Major resistance level - $725
According to newsbtc.com
You May Also Like
Market overview of the main cryptocurrency pairs for the current week (from 11/12/2018 to 11/18/2018)
In today's review, as always, we summarize the results of the outgoing week and analyze the overall price dynamics
Analysis of cryptocurrency pairs BTC/USD, XRP/USD and ETH/USD as of November 30, 2018
Yesterday there was a decrease in buyer activity. We still remain hopeful that a correction to the next Fibonacci level will develop. However, exit from the formed consolidation range is quite possible if the downtrend continues
