THELOGICALINDIAN - Key Points
Bitcoin banknote amount has started a downside alteration appear $1450 adjoin the US Dollar. BCH/USD ability balance already the accepted alteration is over.
Bitcoin Cash Price Resistance
It seems like buyers struggled to advance bitcoin banknote amount aloft the $1700 akin adjoin the US Dollar. The amount fabricated a brace of attempts to breach the $1718 and $1750 attrition levels, but failed. As a result, a downside alteration was initiated. It is now beneath the 23.6% Fib retracement akin of the aftermost leg up from the $1148 low to $1754 high. More importantly, the amount is now beneath the $1640 abutment and the 100 alternate simple affective average.
During the downside move, yesterday’s accent above bullish trend band with abutment at $1635 was burst on the alternate blueprint of BCH/USD. The brace will anon analysis the 38.2% Fib retracement akin of the aftermost leg up from the $1148 low to $1754 high. However, there are affairs that the brace ability alike breach $1500 for a analysis of the $1450 abutment area. The mentioned $1450 abutment is abutting to the 50% Fib retracement akin of the last leg up from the $1148 low to $1754 high.
Therefore, the accepted alteration ability acquisition abutment abreast the $1450 level. On the upside, the burst abutment at $1640-1650 is acceptable to act as a attrition forth with the 100 alternate simple affective average.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is branch lower appear the 30 level.
Major Support Level – $1450
Major Resistance Level – $1640
Charts address – Trading View, Kraken
