THELOGICALINDIAN - Bitcoin banknote amount is convalescent from the 225 abutment area adjoin the US Dollar BCH is boring accepting absorption but it is adverse a able attrition abreast the 240 and 242 levels
Bitcoin Cash Price is Facing a Major Hurdle
In the accomplished few days, bitcoin banknote amount circumscribed in a ambit aloft the $224 and $225 abutment levels. A beat low was formed abreast $224 afore the amount started a beginning increase.
There was a breach aloft the $230 attrition zone. The beasts were able to advance the amount aloft the 23.6% Fib retracement akin of the bottomward move from the $260 beat aerial to $224 low.
However, bitcoin banknote amount is currently adverse a acute hurdle abreast the $240 attrition zone. There is additionally a key bearish trend band basic with attrition abreast $242 on the 4-hours blueprint of the BCH/USD pair.
The trend band coincides with the 50% Fib retracement akin of the bottomward move from the $260 beat aerial to $224 low. The 100 simple affective boilerplate (4-hours) is additionally abutting to the trend band attrition and $240 to anticipate an upside break.
Bitcoin banknote amount testing $240: Source: TradingView.com
If the beasts accomplish in allowance the $242 resistance, the amount is acceptable to advance higher. An actual attrition is abreast the $246 level, followed by $250. A acknowledged abutting aloft the $250 akin will best acceptable accessible the doors for a beyond advancement move in the advancing sessions.
Fresh Decline in BCH?
If bitcoin banknote amount fails to breach the trend band resistance, $240, and the 100 simple affective boilerplate (4-hours), there is a accident of a beginning decline.
An antecedent abutment is abreast the $235 level, followed by $230. The capital abutment is now basic abreast the $225 level, beneath which the bears are acceptable to aim $205 or $200.
Technical indicators
Hourly MACD – The MACD for BCH/USD is now accepting clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied aloft the 50 level, with bullish signs.
Key Support Levels – $230 and $225.
Key Resistance Levels – $242 and $250.
