THELOGICALINDIAN - Key Points
Bitcoin banknote amount is assuming bearish signs beneath $1,220 adjoin the US Dollar. BCH/USD is acceptable to charcoal in a bearish area as continued as beneath $1,250.
Bitcoin Cash Price Resistance
There was a minor recovery bygone aloft $1,240 in bitcoin banknote amount adjoin the US Dollar. However, the amount could not absorb the drive and confused bottomward beneath $1,220. The downside move was abundant back there was a breach beneath the $1,200 abutment level. The amount is now trading able-bodied beneath the $1,240 axis and the 100 alternate simple affective average.
During the downside move, there was a breach beneath a aloft bullish trend band with abutment at $1,228 on the alternate blueprint of BCH/USD. The brace alike bankrupt the $1,180 abutment and traded as low as $1,159. At the moment, the brace is acclimation college aloft $1,180. It confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $1,272 aerial to $1,159 low. However, there are abounding resistances on the upside abreast $1,200 and $1,225. An intermediate resistance is about $1,215 and the 50% Fib retracement akin of the aftermost bead from the $1,272 aerial to $1,159 low.
Therefore, any above upside move could face a able affairs absorption abreast $1,220. On the downside, the $1,160 akin is a appropriate support. A breach beneath $1,160 may advance the amount appear $1,120.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed acerb in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is disturbing to balance and is currently beneath 50.
Major Support Level – $1,160
Major Resistance Level – $1,220
Charts address – SimpleFX
