THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring convalescent aloft $2500 adjoin the US Dollar. BCH/USD has to achieve aloft $2600 and $2700 to accretion traction.
Bitcoin Cash Price Resistance
There were further losses in bitcoin banknote amount beneath $2500 adjoin the US Dollar. The amount traded beneath the $2400 akin and activated the $2350 abutment zone. A low was formed at $2350 from area the amount started an upside move. It has acquired clip aloft the 23.6% Fib retracement akin of the aftermost bead from the $2950 aerial to $2350 low.
However, BCH buyers are adverse a above attrition abreast $2600 and $2700. There is a above bearish trend band basic with accepted attrition at $2600 on the alternate blueprint of BCH/USD. The trend band attrition is additionally about the 38.2% Fib retracement akin of the last drop from the $2950 aerial to $2350 low. Above the trend band resistance, the 100 alternate simple affective boilerplate is additionally about $2700. Between both, the 50% Fib retracement akin of the aftermost bead from the $2950 aerial to $2350 low is positioned.
Therefore, the brace is adverse a boxy claiming about the $2600 and $2700 levels. It has to move aloft the mentioned attrition levels to accretion absorption against $3000. The all-embracing bent is positive, but a abortion to accretion clip aloft $2700 could aftereffect in a downside move.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is affective accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is accepting drive aloft the 50 level.
Major Support Level – $2350
Major Resistance Level – $2700
Charts address – Trading View, Kraken
