THELOGICALINDIAN - Key Points
Bitcoin banknote amount is affective lower acutely from $2550 adjoin the US Dollar. BCH/USD could extend declines and may alike analysis the $2100 level.
Bitcoin Cash Price Resistance
Yesterday, we saw a accretion wave in bitcoin banknote amount about the $2500 akin adjoin the US Dollar. However, the amount bootless to break aloft the $2500 abutment back the $2550 akin acted as a above resistance. As a result, there was a downside acknowledgment from $2550. The amount beneath and bankrupt a few important abutment levels including $2460 and $2400.
There was a breach beneath the 61.8% Fib retracement akin of the aftermost upside beachcomber from the $1997 low to $2750 high. BCH is currently trading aloof aloft the $2200 akin and it seems like it may extend declines. The abutting above abutment is about the $2100 level. An average abutment is about the 76.4% Fib retracement akin of the aftermost upside beachcomber from the $1997 low to $2750 high. Beneath the mentioned $2100, the amount is likely to retest the $2000 abutment and the $1997 beat low.
On the upside, there is a above bearish trend band basic with attrition at $2400 on the alternate blueprint of BCH/USD. The trend band attrition and the $2350 hurdle are acceptable to anticipate assets in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently branch appear the oversold levels.
Major Support Level – $2100
Major Resistance Level – $2400
Charts address – Trading View, Kraken
