THELOGICALINDIAN - Key Points
Bitcoin banknote amount charcoal in a above declivity adjoin the US Dollar. BCH/USD charcoal at a accident of added losses appear the $950 and $920 levels.
Bitcoin Cash Price Resistance
There was a slight correction of about $50-100 bygone in bitcoin banknote amount adjoin the US Dollar. However, the upside move was capped by the $1,100 level. The mentioned $1,100 was a buy area beforehand and it afresh prevented an upside move. The amount beneath already afresh and it alike bankrupt a above abutment abreast $1,000 to move into a bearish zone.
It traded as low as $970 and it seems like it may abatement further. An antecedent attrition is about the 23.6% Fib retracement akin of the aftermost bead from the $1,109 aerial to $970 low. On the upside, there are abounding barriers abreast the $1,050 level. There are additionally two bearish trend curve basic with attrition abreast $1,040 and $1,080 on the alternate blueprint of BCH/USD. Furthermore, the 50% Fib retracement akin of the last drop from the $1,109 aerial to $970 low is about $1,040.
Therefore, the $1,040 akin may act as a above attrition on the upside. On the downside, the amount will best acceptable retest the aftermost beat low of $970. A breach beneath the declared $970 akin could advance the amount appear the abutting supports abreast $950 and $920.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied beneath the 40 level.
Major Support Level – $950
Major Resistance Level – $1,040
Charts address – SimpleFX
