THELOGICALINDIAN - Key Points
Bitcoin banknote amount started a concise alteration aloft $500 adjoin the US Dollar. BCH/USD could barter higher, but it is acceptable to face sellers abreast $550.
Bitcoin Cash Price Resistance
Recently, we saw a nasty decline in bitcoin banknote amount beneath the $500 abutment akin adjoin the US Dollar. The BCH/USD brace traded appear the $470 akin and formed a low abreast $472. Later, a concise accretion beachcomber was accomplished and the amount confused aloft the $480 and $490 attrition levels. It additionally bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $593 aerial to $472 low.
Moreover, there was a breach aloft a concise application triangle with attrition at $490 on the alternate blueprint of the BCH/USD pair. The amount is currently trading aloft the $500 resistance, but it is abutting a few important resistances abreast $550. An antecedent attrition is the 50% Fib retracement akin of the aftermost abatement from the $593 aerial to $472 low at $532. Aloft this, the aftermost abutment at $550 is acceptable to act as a resistance. Finally, the 100 alternate simple affective average is positioned abreast the $550 akin to anticipate gains. Therefore, it won’t be accessible for BCH buyers to bright the $540-550 attrition zone.
Looking at the chart, BCH amount is assuming a few absolute signs aloft $500. However, there are abounding hurdles on the upside abreast $550 to stop the accepted correction.
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 able-bodied aloft the 50 level.
Major Support Level – $500
Major Resistance Level – $550
