THELOGICALINDIAN - Key Points
Bitcoin banknote amount confused bottomward added beneath $1,300 adjoin the US Dollar. BCH/USD bankrupt a key abutment and it may now extend its abatement in the abreast term.
Bitcoin Cash Price Resistance
There was a fresh downside move started from the $1,574 aerial in bitcoin banknote amount adjoin the US Dollar. The amount beneath and bankrupt abounding supports bygone abreast $1,400 and $1,360. More importantly, there was a breach beneath the $1,350 axis level, which afire added gains. BCH sellers alike succeeded in blame the amount beneath $1,300 and the 100 alternate simple affective average.
The trend change move was a breach beneath yesterday’s accent acute bullish trend band with abutment abreast $1,355 on the alternate blueprint of the BCH/USD pair. The brace traded as low as $1,232 and is currently accumulation losses. On the upside, an antecedent attrition is abreast $1,320 and the 100 alternate simple affective average. The abutting attrition is abreast the 38.2% Fib retracement akin of the aftermost bead from the $1,574 aerial to $1,232 low at $1,360. The declared $1,360 akin was a support earlier and now it may anticipate upsides.
Looking at the chart, it seems like the amount may consolidate about $1,300 for some time. There is a adventitious of a downside fasten appear $1,200 afore the amount makes an upside move. On the upside, a breach aloft $1,360-1,400 is bare for a analysis of $1,500.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now beneath the 50 level.
Major Support Level – $1,200
Major Resistance Level – $1,360
