THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring affective lower adjoin the US Dollar. BCH/USD charge break aloft the $950-960 abutment breadth to abstain added declines.
Bitcoin Cash Price Resistance
There was no above relief as bitcoin banknote amount traded beneath the $1,040 abutment akin adjoin the US Dollar. The amount struggled to move college and the upside was capped by the $1,080 resistance. There was additionally a abutting beneath the $1,000 akin and the 100 alternate simple affective average. However, the amount is currently captivation a above abutment breadth at $950-90.
The accepted amount activity is bearish as continued as the amount is beneath the $1,000 akin and the 100 alternate simple affective average. An antecedent attrition is about the 23.6% Fib retracement akin of the aftermost abatement from the $1,039 aerial to $961 low. There is additionally a major bearish trend line basic with attrition abreast $990 on the alternate blueprint of the BCH/USD pair. The trend band attrition is abutting to the 50% Fib retracement akin of the aftermost abatement from the $1,039 aerial to $961 low. Therefore, if the amount corrects higher, it won’t be accessible for buyers to breach the $990 and $1,000 resistances.
On the downside, the $950 and $960 abutment levels are actual important. A abutting beneath the declared levels could burn a advance appear $900 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective college appear the 50 level.
Major Support Level – $950
Major Resistance Level – $1,000
Charts address – Trading View
