THELOGICALINDIAN - Key Points
Bitcoin banknote amount faced a lot of sellers adjoin the US Dollar. BCH/USD is aback in a bearish area and it could anon retest the $1,000 level.
Bitcoin Cash Price Resistance
There was a decent recovery in bitcoin banknote amount aloft the $1,200 akin adjoin the US Dollar. However, the amount struggled to move aloft the $1,300 akin and started a downside move. It seems like the amount completed a alteration abreast $1,300 and it is aback in a bearish trend. It already bankrupt the 50% Fib retracement akin of the beachcomber from the $980 low to $1,301 high.
The upside move was capped by a acute bearish trend band with attrition at $1,220 on the alternate blueprint of BCH/USD. The brace is currently trading beneath the $1,100 akin and is branch appear the $1,050 abutment area. It may anon analysis the 76.4% Fib retracement akin of the beachcomber from the $980 low to $1,301 high. A breach beneath the $1,080 and $1,060 levels could advance the amount back appear the $1,000 level. The mentioned $1,000 akin and the $980 abutment levels are important.
BCH amount has to break aloft the $1,000 akin to abstain added declines. On the upside, an antecedent attrition is about the $1,150 level. Aloft $1,150, the trend band attrition could anticipate assets abreast $1,220.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently branch lower appear the 30 level.
Major Support Level – $1,000
Major Resistance Level – $1,150
Charts address – SimpleFX
