THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath beneath $1340 adjoin the US Dollar. BCH/USD is currently beneath bearish burden and upsides abide capped by $1400.
Bitcoin Cash Price Upside Hurdles
Due to acceleration in bitcoin price, there were further declines in bitcoin banknote amount beneath $1400 adjoin the US Dollar. The amount fabricated a aciculate downside move and traded beneath the $1400 and $1350 abutment levels. It about activated the $1300 handle and formed a low abreast $1308.5. At the moment, a accessory alliance and alteration is underway from $1310. On the upside, an antecedent attrition is about the 23.6% Fib retracement akin of the aftermost abatement from the $1545 aerial to $1308 low.
The $1380-1385 area is a concise hurdle for buyers. Aloft the mentioned $1385, the amount could analysis the $1400 resistance. Should there be added gains, the abutting hurdle is abreast the 50% Fib retracement akin of the aftermost abatement from the $1545 aerial to $1308 low about $1438. There is additionally a aloft bearish trend band basic with attrition about $1475 on the alternate blueprint of BCH/USD. Therefore, there are abounding hurdles on the upside protecting gains aloft $1400 in the abreast term.
On the downside, the contempo low of $1308 is a accessory support. A breach beneath $1308 could advance the amount beneath the $1300 level. The abutting above abutment is abreast the $1250-1260 zone.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed able-bodied in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is acclimation college from the 30 level.
Major Support Level – $1300
Major Resistance Level – $1400
Charts address – Trading View, Kraken
