THELOGICALINDIAN - Key Points
Bitcoin banknote amount is beneath burden as it bankrupt the $450 abutment adjoin the US Dollar. BCH/USD is acceptable to extend losses appear $410 and $400 in the abreast term.
Bitcoin Cash Price Resistance
Recently, there was a minor upside correction aloft $480 in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace traded appear the $490 akin area sellers emerged. As a result, there was a bearish acknowledgment and the amount beneath beneath the $470 and $460 abutment levels. The abatement was such that the amount alike bankrupt the $450 abutment akin and is currently trading able-bodied beneath the 100 alternate simple affective average.
A beginning account low was formed at $425 afore the amount started a tiny ambit pattern. It activated the 23.6% Fib retracement akin of the contempo abatement from the $476 aerial to $425 low. The amount bootless abreast the $440-445 area and it is currently affective south. On the upside, there are many resistances abreast the $450 and $460 levels. More importantly, this week’s followed above bearish trend band is still in abode with attrition abreast $460 on the alternate blueprint of the BCH/USD pair. Additionally, the 50% Fib retracement akin of the contempo abatement from the $476 aerial to $425 low is at $451.
Looking at the chart, BCH amount charcoal at a accident of added losses beneath the contempo low of $425. The abutting ambition for sellers may able-bodied be $400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is able-bodied beneath the 40 level.
Major Support Level – $425
Major Resistance Level – $460
