THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to accretion drive aloft $1650-1700 adjoin the US Dollar. BCH/USD may resume its declivity and it could alike breach the $1500 support.
Bitcoin Cash Price Resistance
There was a minor accretion initiated in bitcoin banknote amount from the $1500 beat aerial adjoin the US Dollar. The amount confused college afterwards trading as low as $1494. It confused aloft the $1550 and $1600 attrition levels. There was additionally a breach aloft a abutting bearish trend band with attrition at $1600 on the alternate blueprint of BCH/USD. The brace traded accomplished the $1650 level, but it bootless to accretion momentum.
Even the 23.6% Fib retracement akin of the aftermost bead from the $2123 aerial to $1494 low was broken. However, BCH buyers bootless to breach the $1680-1700 resistance levels. It traded abutting to the 38.2% Fib retracement akin of the aftermost bead from the $2123 aerial to $1494 low afore starting a beginning downside wave. BCH is currently trading beneath the $1600 akin and it looks like the amount could abatement further.
On the downside, the best important abutment is at $1500. An alternate abutting beneath $1500 could burn added declines in BCH against the $1420 akin in the abbreviate term. On the upside, the amount faces a able attrition at $1680-1700.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accident drive and is affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied beneath the 50 level.
Major Support Level – $1500
Major Resistance Level – $1680
Charts address – Trading View, Kraken
