THELOGICALINDIAN - Key Points
Bitcoin banknote amount antipodal all its assets from the $2950 aerial adjoin the US Dollar. BCH/USD is now beneath $2600 and is assuming a few bearish signs.
Bitcoin Cash Price Resistance
It was a bullish run yesterday from the $2550 beat low in bitcoin banknote amount adjoin the US Dollar. The amount traded aloft the $2800 akin and formed a aerial at $2948. Later, it faced a lot of affairs burden and the amount confused beneath the $2700 and $2600 abutment levels. During the downside move, the amount additionally austere the $2580 abutment and acclimatized beneath the 100 alternate simple affective average.
Moreover, there was a breach beneath a concise bullish trend band with abutment at $2560 on the alternate blueprint of BCH/USD. It seems like the brace has akin best of its assets and is currently in the bearish zone beneath $2500. The contempo low formed was at $2353 from area the amount attempted a recovery. It confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $2948 aerial to $2353 low. However, the upside move was capped by the $2550 attrition and the 100 alternate SMA.
Furthermore, there was no breach of the 38.2% Fib retracement akin of the aftermost bead from the $2948 aerial to $2353 low. Clearly, BCH is disturbing beneath the $2500 akin and it charcoal at accident of added declines.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied beneath the 50 level.
Major Support Level – $2350
Major Resistance Level – $2550
Charts address – Trading View, Kraken
