THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring crumbling appear the $508 abutment adjoin the US Dollar. BCH/USD charge bright the $530 barrier for added assets in the abreast term.
Bitcoin Cash Price Resistance
There was a apathetic and steady decline in bitcoin banknote amount from able-bodied aloft the $550 akin adjoin the US Dollar. The BCH/USD brace bankrupt abounding supports such as $540 and $530 on the way down. It additionally acclimatized beneath the $540 akin and the 100 alternate simple affective average. The contempo beat low was $515 afore the amount adapted higher. It confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $545 aerial to $515 low.
However, the upside move was capped by the $525-530 zone. Moreover, the 100 alternate SMA additionally acted as a attrition abreast the $528 akin and prevented gains. Lastly, the amount topped abreast the 38.2% Fib retracement akin of the aftermost abatement from the $545 aerial to $515 low. The amount is currently crumbling and it could abide to move bottomward appear the $515 low. Beneath this, there is a able abutment area abreast the $508-510 levels. Further beneath this, there is a accident of a downside break beneath $500 in the abreast term. On the upside, there is a above bearish trend band in abode with attrition at $526 on the alternate blueprint of the BCH/USD pair.
Looking at the chart, BCH amount has to abutting aloft the $530 akin and the 100 alternate SMA to accretion upside momentum.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently beneath the 50 level.
Major Support Level – $508
Major Resistance Level – $530
