THELOGICALINDIAN - Key Points
Bitcoin banknote amount confused beneath the $2450 abutment adjoin the US Dollar. BCH/USD could abatement added against the $2300 and $2200 levels.
Bitcoin Cash Price Resistance
There was no upside recovery in bitcoin banknote amount bygone from the $2600 beat low adjoin the US Dollar. The amount traded lower and sellers succeeded in breaking a key abutment breadth at $2450. During the downside move, abounding important supports including $2400 and the 100 alternate simple affective boilerplate were broken. There was additionally a breach beneath the 50% Fib retracement akin of the aftermost upside leg from the $2218 low to $2780 high.
It opened the doors for added losses and yesterday’s accent important bullish trend band with abutment at $2480 was burst on the alternate blueprint of BCH/USD. The brace is now beneath the $2400 abutment and is eyeing added declines in the abreast term. On the upside, there is a bearish trend line basic with attrition at $2400. Moreover, the 23.6% Fib retracement akin of the aftermost abatement from the $2780 aerial to $2348 low is abreast $2450.
Moreover, the 100 alternate SMA is at $2450. Therefore, it seems like there is a above attrition basic abreast $2400-2450. There are affairs of added declines in BCH in the abbreviate appellation against $2200 as continued as it is beneath $2450.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently beneath the 40 akin and is assuming bearish signs.
Major Support Level – $2200
Major Resistance Level – $2450
Charts address – Trading View, Kraken
