THELOGICALINDIAN - Key Points
Bitcoin banknote amount is advancing for the abutting breach aloft $535-540 adjoin the US Dollar. BCH/USD charcoal accurate on dips abreast $515 and $500.
Bitcoin Cash Price Resistance
There was a slow and abiding rise accomplished from the $471 low in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace climbed college and managed to achieve aloft the $500 attrition level. There was additionally a breach aloft the 38.2% Fib retracement akin of the aftermost key abatement from the $594 beat aerial to $470 beat low. However, the amount is currently adverse a acute hurdle on the upside abreast the $535-540 zone.
Moreover, the 61.8% Fib retracement akin of the aftermost key abatement from the $594 beat aerial to $470 beat low is abreast $546 to act as a resistance. Therefore, a breach aloft the $540 and $546 resistances could accessible the doors for added assets in the abreast term. Aloft $546, the amount may conceivably move appear the $565 and $570 levels. On the downside, there is a key bullish trend band formed with abutment at $515 on the alternate blueprint of the BCH/USD pair. The trend band abutment is important, beneath which, the amount may revisit the $500 support.
Looking at the chart, BCH amount is placed accurately for added upsides aloft the $500 support. However, a breach aloft $540 is charge for an upside acceleration.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly absolute in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloft the 50 level.
Major Support Level – $500
Major Resistance Level – $540
