THELOGICALINDIAN - Key Points
Bitcoin banknote amount is currently bearish beneath $830 adjoin the US Dollar. BCH/USD has to beat the 100 alternate SMA to move into a bullish zone.
Bitcoin Cash Price Upside Hurdle
During the accomplished three sessions, there was a abiding abatement from the $840 resistance in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace acclimatized beneath the $830 akin and the 100 alternate simple affective average, which is a bearish sign. Recently, the brace alike bankrupt the $800 abutment and formed a new intraday low at $785. Later, it recovered and confused aloft the 38.2% Fib retracement akin of the aftermost bead from the $840 aerial to $785 low.
However, the upside move was capped by the $815 akin and the 100 alternate SMA. Moreover, there was no able breach aloft the 50% Fib retracement akin of the aftermost bead from $840 to $785. It seems like the amount is disturbing to breach the 100 alternate SMA, which is currently at $815. Aloft this, yesterday’s accent important bearish trend band is complete with attrition abreast $825 on the alternate blueprint of the BCH/USD pair. Therefore, a abutting aloft the 100 alternate SMA and $825 is bare for more gains in the abreast term.
Looking at the chart, the amount may conceivably move bottomward if it fails to move aloft the $815 and $825 attrition levels. Supports are apparent at $800 and $785.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed abreast the 50 level.
Major Support Level – $800
Major Resistance Level – $825
