THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath acutely beneath $1,300 adjoin the US Dollar. BCH/USD charge break aloft the $1,240 abutment to abstain added downsides.
Bitcoin Cash Price Resistance
There was an attempt to breach $1,500, but bitcoin banknote amount bootless and confused bottomward adjoin the US Dollar. The amount started a beginning downside move and beneath beneath the $1,420 abutment level. There was additionally a breach beneath the 61.8% Fib retracement akin of the aftermost beachcomber from the $1,235 low to $1,481 high. It opened the doors for added losses and the amount acclimatized beneath $1,400 and the 100 alternate simple affective average.
More importantly, there was a breach beneath a key bullish trend band with abutment at $1,400 on the alternate blueprint of the BCH/USD pair. The brace traded appear the aftermost beat low and a acute abutment at $1,240. Buyers appeared and the amount started accumulation losses aloft $1,240. An antecedent attrition on the upside is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $1,481 aerial to $1,240 low. However, the antecedent abutment abreast $1,400 may conceivably act as a strong resistance on the upside.
Looking at the chart, the 100 alternate simple affective boilerplate is positioned at $1,405 to act as a barrier for buyers. On the downside, the $1,240 abutment holds a lot of importance. BCH should break aloft $1,240 to abstain added losses in the abbreviate term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has accomplished the oversold levels.
Major Support Level – $1,240
Major Resistance Level – $1,400
