THELOGICALINDIAN - Key Points
Bitcoin banknote amount is accumulation in a ambit adjoin the US Dollar. BCH/USD has to move accomplished $1,010 and the 100 alternate simple affective boilerplate for added gains.
Bitcoin Cash Price Resistance
There was no aloft movement during the weekend aloft $1,050 in bitcoin banknote amount adjoin the US Dollar. The amount activated the $950-960 abutment zone on a brace of occasions. There was no downside breach beneath $950 and the amount remained bedfast in a range. There were a brace of beat moves, but upsides were capped by the $1,020 resistances and the 100 alternate simple affective average.
The contempo beat low was $976 with an upside move aloft the 23.6% Fib retracement akin of the aftermost bead from the $1,042 aerial to $976 low. However, there are abounding barriers on the upside cat-and-mouse to anticipate assets aloft $1,010 and $1,040. An immediate resistance is abreast the 50% Fib retracement akin of the aftermost bead from the $1,042 aerial to $976 low. There is additionally a abutting bearish trend band formed with attrition at $1,010 on the alternate blueprint of the BCH/USD pair.
Looking at the chart, the amount is adverse a boxy claiming abreast the trend line, $1,040 and the 100 alternate simple affective average. A breach aloft $1,010 and $1,040 could accessible the doors for added assets appear the $1,100 akin in the abreast term. On the downside, the $950 akin is an important support.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is disturbing to move aloft the 50 level.
Major Support Level – $950
Major Resistance Level – $1,040
