THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring convalescent from $1,220 adjoin the US Dollar. BCH/USD may actual in the abbreviate term, but assets aloft $1,350 won’t be easy.
Bitcoin Cash Price Resistance
Yesterday, there was a sharp downside move beneath $1,300 in bitcoin banknote amount adjoin the US Dollar. The amount alike traded beneath the $1,240 abutment akin and about activated the $1,200 support. A low was formed abreast $1,220 afore the amount started an upside recovery. It confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1,490 aerial to $1,220 low.
It additionally succeeded in allowance the $1,300 resistance, but there are abounding barriers on the upside. There is additionally a concise bearish trend band basic with attrition at $1,340 on the alternate blueprint of the BCH/USD pair. Moreover, the 50% Fib retracement akin of the aftermost abatement from the $1,490 aerial to $1,220 low is placed abreast the $1,360 akin to act as a acute resistance. In short, it seems like there is a aloft barrier basic abreast $1,340 and $1,350 resistance levels. A breach and abutting aloft $1,350 may able-bodied advance the amount appear the 100 alternate simple affective average, which is the abutting attrition afore $1,400.
Looking at the chart, the amount is assuming absolute signs aloft $1,240. However, a breach and abutting aloft $1,350, $1,380 and $1,400 won’t be easy. On the downside, supports are apparent at $1,300 and $1,240.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now aloft the 50 level.
Major Support Level – $1,240
Major Resistance Level – $1,350
