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Bitcoin Cash Technical Analysis: BCH/USD treads water near $700, struggles to set new direction

  • BCH/USD continues to trade in a tight $50 range since Wednesday.
  • Today’s shallow recovery doesn’t cause the near-term outlook to change from bearish to neutral.
  • $650 stays as the next critical target on the downside.

BCH/USD daily chart

Spot rate:                  700

Relative change:       +2%

High:                         707

Low:                          685

 

Trend:                       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:            730 (20-DMA).

Resistance 2:            780 (Fibo. %23.6 retracement of Jun. 3 – 29 fall).

Resistance 3:            860 (Fibo. %38.2 retracement of Jun. 3 – 29 fall).

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