THELOGICALINDIAN - Key Points
Bitcoin banknote amount has confused aback into the bearish area adjoin the US Dollar. BCH/USD is acceptable to face sellers on the upside abreast $1,450 and $1,500.
Bitcoin Cash Price Resistance
There were no added gains in bitcoin banknote amount aloft the $1,600 akin adjoin the US Dollar. The amount started a downside move from able-bodied aloft $1,550 and bankrupt abounding important abutment levels. It alike traded beneath the $1,500 abutment and acclimatized beneath the 100 alternate simple affective average. The abatement looks absolute beneath $1,500 and it seems like the amount has confused aback into the bearish zone.
During the downside move, there was a breach beneath two bullish trend curve at $1,505 and $1,450 on the alternate blueprint of BCH/USD. The brace alike bankrupt the $1,400 akin and traded abutting to $1,300. A low was formed abreast $1,312 afore the amount started an upside correction. It traded a few credibility aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1.538 aerial to $1,312 low. However, it seems like the amount is struggling to actual further aloft $1,400 and it could abatement already again.
On the downside, the contempo low of $1,312 is a concise support. Once there is a abutting beneath $1,312 and $1,300, there could be added declines. On the upside, the $1,400 and $1,450 levels are important resistances.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has accomplished the oversold levels with bearish signs.
Major Support Level – $1,300
Major Resistance Level – $1,450
Charts address – SimpleFX
