THELOGICALINDIAN - Key Points
Bitcoin banknote amount fell acutely afresh adjoin the US Dollar. BCH/USD is currently convalescent and is accumulation aloft the $1,420-1,450 levels.
Bitcoin Cash Price Resistance
Yesterday, we saw how there was a aciculate decline in bitcoin banknote amount to able-bodied beneath 1,500 adjoin the US Dollar. The amount alike traded a few credibility beneath the $1,400 level. It formed a low at $1,390 and is currently acclimation higher. It has confused aloft the 23.6% Fib retracement akin of the aftermost above bead from the $1,638 aerial to $1,390 low. However, BCH buyers are adverse a lot abounding hurdles on the upside abreast $1,520 and $1,540.
More importantly, yesterdays accent a new bearish trend band with accepted attrition at $1,520 is alive on the alternate blueprint of BCH/USD. The brace is currently trading accurately aloft the $1,450 akin and is accumulation losses. It about activated the 50% Fib retracement akin of the aftermost above bead from the $1,638 aerial to $1,390 low. However, it seems like the trend band attrition and $1,540 are important barriers for buyers on the upside.
A able abutting aloft $1,540 could admit a beginning upside move in BCH/USD. On the downside, an antecedent abutment is abreast the $1,450 level. The best important and a buy area on the downside sits abreast the $1,400 level. Any added declines beneath $1,400 could be limited.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has bargain best of its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is boring affective college and is currently about the 50 level.
Major Support Level – $1,450
Major Resistance Level – $1,520
Charts address – SimpleFX
