THELOGICALINDIAN - Key Points
Bitcoin banknote amount bootless to beat a above hurdle abreast $900 adjoin the US Dollar. BCH/USD beneath and is currently testing the 100 alternate SMA.
Bitcoin Cash Price Resistance
Yesterday, we saw a appropriate upside move in bitcoin banknote amount aloft the $880 akin adjoin the US Dollar. The amount traded appear the $900-910 attrition zone area sellers appeared. It bootless to move aloft $910 and started a downside move. There was a above bearish acknowledgment and the amount beneath beneath the $880 level. Moreover, there was additionally a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $826 low to $927 high.
At the moment, the amount is abutting a key abutment breadth aloft $860. There is additionally a concise abutting bullish trend band formed with abutment at $865 on the alternate blueprint of the BCH/USD pair. The aforementioned trend band is positioned about the 61.8% Fib retracement akin of the aftermost beachcomber from the $826 low to $927 high. Moreover, the 100 alternate simple affective average is positioned about the $860 level. Therefore, the $860-865 abutment area holds a lot of importance.
Looking at the chart, the brace charge break aloft $860 and the 100 alternate simple affective average. If not, there are affairs of added declines beneath the $850 akin in the abreast term. On the upside, resistances are apparent abreast $880 and $900 levels.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD biconcave acutely beneath the 50 level.
Major Support Level – $860
Major Resistance Level – $900
