THELOGICALINDIAN - Key Points
Bitcoin banknote amount is award bids aloft the $2200 akin adjoin the US Dollar. BCH/USD charge abutting aloft $2700 to move aback in the bullish zone.
Bitcoin Cash Price Upside Hurdle
After a aciculate downside move adjoin $2000, bitcoin banknote amount found support adjoin the US Dollar. The amount started a accretion and managed to achieve aloft $2200. There were a brace of upside attempts, but it struggled to move aloft $2800 and again at $2700. It seems like there is a acute bearish trend band basic with attrition at $2600 on the 4-hours blueprint of BCH/USD.
The mentioned trend band is acting as a aloft upside hurdle and prevented assets aloft $2700. The trend band at $2600-2700 is additionally about the 100 simple affective boilerplate on the aforementioned chart. Therefore, a breach aloft $2700 and the 100 SMA won’t be easy. The brace is currently aloft the 50% Fib retracement akin of the aftermost bead from the $2880 aerial to $2281 low.
However, it has to move aloft $2700 and the 61.8% Fib retracement akin of the aftermost bead from the $2880 aerial to $2281 low to accretion upside momentum. Once there is a abutting aloft the $2700 attrition and the 100 SMA, the amount could advance against $3000 and again $3200. On the downside, the $2200 and $2024 levels are important supports.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is mostly collapsed and is assuming signs of a range.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 level.
Major Support Level – $2200
Major Resistance Level – $2700
Charts address – Trading View, Kraken
