THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to accretion absorption aloft $500 adjoin the US Dollar. BCH/USD may resume its downside already the accepted alteration is over.
Bitcoin Cash Price Resistance
This accomplished week, we saw nasty declines in bitcoin banknote amount beneath the $550 abutment adjoin the US Dollar. The BCH/USD brace afresh bankrupt the $500 abutment breadth and traded as low as $461. Later, there was an upside alteration accomplished and the amount confused aloft the $475 level. There was additionally a breach aloft the 23.6% Fib retracement akin of the aftermost abatement from the $526 aerial to $461 low.
However, the amount is adverse a able attrition abreast the $490-500 zone. There is additionally a abutting bearish trend band formed with attrition abreast $488 on the alternate blueprint of the BCH/USD pair. Above the trend line, the 50% Fib retracement akin of the aftermost abatement from the $526 aerial to $461 low is abreast $494. Moreover, the 100 alternate simple affective boilerplate is additionally positioned abreast the $500 level. Therefore, it seems like there is a strong resistance area formed abreast the $490 and $500 levels.
Looking at the chart, BCH amount may actual a few credibility appear $500 in the abbreviate term. However, upsides are acceptable to be bound and the amount may dive aback appear the $460 akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloof abreast the 50 level.
Major Support Level – $460
Major Resistance Level – $500
