THELOGICALINDIAN - Key Points
Bitcoin banknote amount started a declivity adjoin the US Dollar. BCH/USD is trading beneath $400 and disturbing to assets bids.
Bitcoin Cash Price Resistance
Yesterday, we saw a breach below a above bullish trend band at $460-450 on the alternate blueprint of Bitcoin banknote amount vs the US Dollar. Later, the amount adapted college appear $580. However, the upside move faced sellers and the amount confused bottomward beneath $500. The abortion was from the 50% Fib retracement akin of the aftermost abatement from the $811.00 aerial to $303.00 low.
The amount is currently affective lower and trading beneath $500. It has already bankrupt the 50% Fib retracement akin of the aftermost beachcomber from the $303.00 low to $583.91 high. So, there are affairs of added declines as continued as the amount is beneath $500. On the upside, there is a new abutting bearish trend band basic with attrition at $400 on the alternate blueprint of BCH/USD. Once there is a breach beneath the 76.4% Fib retracement akin of the aftermost beachcomber from the $303.00 low to $583.91 high, there can be a analysis of $350.
On the upside, a bright breach and abutting aloft $400 would alarm for a analysis of $500. In the abbreviate term, there can be beat moves amid $350-500.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish area and struggling.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 50 level, and boring affective lower.
Major Support Level – $350
Major Resistance Level – $400
Charts address – Trading View, Kraken
