THELOGICALINDIAN - Key Points
Bitcoin banknote amount bootless to achieve aloft $2100 adjoin the US Dollar. BCH/USD is afresh acclimation lower and is trading beneath the $2024 level.
Bitcoin Cash Price Resistance
Recently, we saw a appropriate recovery aloft $1800 in bitcoin banknote amount adjoin the US Dollar. The amount traded aloft the $2000 level, but it bootless to achieve aloft the $2100 level. It fabricated a top at $2130 and started a downside correction. During the downside, there was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $1349 low to $2131 high.
More importantly, there was a breach beneath a key bullish trend band with abutment at $1950 on the alternate blueprint of BCH/USD. The brace confused bottomward and alike bankrupt the $1800 abutment and the 100 alternate simple affective average. It has opened the doors for more losses beneath $1800. At the moment, the 50% Fib retracement akin of the aftermost beachcomber from the $1349 low to $2131 aerial is acting as a support. Should there be a breach beneath the $1700 support, there could be added declines against the $1500 level.
On the upside, the burst abutment at $2024 and the 100 alternate SMA are acceptable to act as a resistance. Above $2024, the aftermost aerial at $2131 may be activated in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is not assuming any above bearish sign.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently beneath the 50 level.
Major Support Level – $1700
Major Resistance Level – $2024
Charts address – Trading View, Kraken
