THELOGICALINDIAN - Key Points
Bitcoin banknote amount is captivation an important abutment about $950 adjoin the US Dollar. BCH/USD has to move accomplished the $1,040 attrition to accretion further.
Bitcoin Cash Price Support
After yesterday’s ride, bitcoin banknote amount faced sellers abreast the $1,030-1,040 resistances adjoin the US Dollar. The amount started a downside alteration and beneath beneath the $1,000 support. It additionally beneath beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $971 low to $1,031 high. It opened the doors for a beyond alteration and the amount biconcave appear the $950 abutment area.
The $940-950 abutment breadth acted as a appropriate buy area and adequate added losses. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $971 low to $1,031 aerial additionally prevented declines. BCH amount confused aback aloft the $960 akin and the 100 alternate simple affective average. More importantly, there is a new abutting bullish trend band basic with abutment at $965 on the alternate blueprint of the BCH/USD pair. The brace remains able-bodied supported on the downside about the $950 and $960 levels.
Looking at the chart, the amount is acutely adverse a aloft hurdle on the upside abreast $1,040. A breach and abutting aloft the declared $1,040 attrition is bare for buyers to booty control. On the downside, a breach and abutting beneath $950 will best acceptable advance the amount aback in the bearish zone.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently collapsed abreast the 50 level.
Major Support Level – $950
Major Resistance Level – $1,040
