THELOGICALINDIAN - Bitcoin banknote amount beneath and retested the 220 abutment area adjoin the US Dollar BCH is now accumulation and adverse abounding hurdles abreast 226 and 230
Bitcoin Cash Price Holding Main Support
This accomplished week, bitcoin banknote amount started a abiding abatement (similar to btc) beneath the $235 and $230 abutment levels. BCH alike traded beneath the $225 abutment akin and acclimatized able-bodied beneath the 100 simple affective boilerplate (4-hours).
It activated the $220 abutment and formed a low at $217. It is currently accumulation losses and acclimation aloft the $220 level. There was a fasten aloft the 23.6% Fib retracement akin of the bottomward move from the $246 beat aerial to $217 low.
However, the amount is adverse a lot of hurdles on the upside, starting with $225. There is additionally a key bearish trend band basic with attrition abreast $226 on the 4-hours blueprint of the BCH/USD pair.
The capital attrition aloft the trend band is abreast the $230 akin and the 100 simple affective boilerplate (4-hours). It is abutting to the 50% Fib retracement akin of the bottomward move from the $246 beat aerial to $217 low.
A acknowledged breach aloft the trend band and again $230 could admit a beginning increase. In the mentioned case, the beasts are acceptable to aim a retest of $245. Any added assets could advance the amount aloft the $250 resistance.
Bearish Break in BCH?
If bitcoin banknote amount fails to breach the trend band resistance, $230, and the 100 simple affective boilerplate (4-hours), there is a accident of a above downside break.
An antecedent abutment is abreast the $220 level, beneath which the amount could alike barter beneath the $217 low. Any added losses may conceivably advance the amount appear the $200 handle in the abreast term.
Technical indicators
Hourly MACD – The MACD for BCH/USD is now accident clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently ascent appear the 50 level.
Key Support Levels – $220 and $217.
Key Resistance Levels – $226 and $230.
