THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring convalescent aloft $750 adjoin the US Dollar. BCH/USD could face a able attrition aloft the $780 akin at $800.
Bitcoin Cash Price Resistance
Yesterday, there was a sharp downside move beneath the $760 abutment in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace alike traded beneath the $750 akin and acclimatized beneath the 100 alternate simple affective average. It traded as low as $735 and after started an upside correction. The amount confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $840 aerial to $735 low.
Moreover, there was a breach aloft a abutting bearish trend band with attrition at $765 on the alternate blueprint of BCH/USD. It seems like the brace may conceivably actual added aloft the $770 and $780 levels. However, there is a acute barrier for buyers abreast the $800 level. More importantly, this week’s followed important bearish trend band with attrition at $800 is complete on the alternate blueprint of the BCH/USD pair. The 100 alternate SMA is additionally positioned abreast the $800 level. An average attrition is at $$785 and the 50% Fib retracement akin of the aftermost abatement from the $840 aerial to $735 low.
Looking at the chart, the amount is assuming a few absolute signs aloft the $750 level. Having said that a able breach aloft the $800 attrition is bare for a beyond recovery.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has confused aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now aback aloft the 50 level.
Major Support Level – $750
Major Resistance Level – $800
