THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath appear $2300 adjoin the US Dollar. BCH/USD is attempting recovery, but is adverse hurdles abreast $2450.
Bitcoin Cash Price Resistance
Yesterday, we discussed that bitcoin banknote amount could analysis the $2300 abutment area adjoin the US Dollar. The amount did move bottomward and activated the $2300 and $2280 abutment levels. Buyers were acknowledged in preventing added declines and the amount started a accretion aloft $2325. It confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $2725 aerial to $2255 low.
However, the amount is adverse abounding upside barriers about $2400 and $2450. There is a new abutting bearish trend band basic with attrition at $2450 on the alternate blueprint of BCH/USD. The trend band at $2450 is positioned forth with the 100 alternate simple affective average. Moreover, the 38.2% Fib retracement akin of the aftermost abatement from the $2725 aerial to $2255 low is about $2440. Therefore, the $2450 breadth seems be a above upside hurdle for buyers in the abreast term.
A abutting aloft the $2450 and the 100 alternate SMA is bare for a advance aloft the $2500 handle. An average attrition is at the 50% Fib retracement akin of the aftermost abatement from the $2725 aerial to $2255 low. On the downside, the $2300 and $2280 levels may abide to act as acute supports.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is aloof about the 50 level.
Major Support Level – $2300
Major Resistance Level – $2450
Charts address – Trading View, Kraken
