THELOGICALINDIAN - Key Points
Bitcoin banknote amount activated the $200 abutment breadth and recovered adjoin the US Dollar. However, BCH/USD is adverse a solid attrition abreast the $280 level.
Yesterday, we discussed that bitcoin banknote amount could slide added appear $200 adjoin the US Dollar. The BCH/USD brace did abatement added and traded beneath the $240 and $220 abutment levels. It traded abutting to the $200 akin and acclimatized beneath the 100 alternate simple affective average. The amount traded as low as $202 and after started an upside correction. Buyers pushed the amount aloft the 23.6% Fib retracement akin of the contempo accelerate from the $361 aerial to $202 low.
However, the contempo accretion faced a solid attrition abreast the $280 level. More importantly, this week’s followed important bearish trend band is still in abode with attrition at $280 on the alternate blueprint of the BCH/USD pair. Besides, the 50% Fib retracement akin of the recent slide from the $361 aerial to $202 low acted as a hurdle. The brace is currently accumulation abreast the $250 akin with a accessory bullish angle. It seems like buyers could accomplish addition attack to bright the $275 and $280 attrition levels.
Looking at the chart, BCH amount may acquisition it difficult to beat the $280 barrier. If buyers succeed, the amount could balance appear the $300 and $330 levels in the abreast term.
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 currently aloof about the 50 level.
Major Support Level – $220
Major Resistance Level – $280
