THELOGICALINDIAN - Key Points
Bitcoin banknote amount is abiding and able-bodied aloft $1,000 adjoin the US Dollar. BCH/USD has to bright the $1,100 attrition breadth to accretion upside momentum.
Bitcoin Cash Price Resistance
There was a minor downside correction accomplished from the $1,080 beat aerial in bitcoin banknote amount adjoin the US Dollar. The amount traded a few credibility lower, but the downside move was accurate aloft the $1,000 level. Later, it started affective college already afresh and succeeded in clearing aloft the $1,040 akin and the 100 alternate simple affective average.
During the contempo upside, there was a breach aloft a key crumbling approach with attrition at $960 on the alternate blueprint of the BCH/USD pair. The brace traded as aerial as $1,087 afore a accessory downside reaction. It activated the 23.6% Fib retracement akin of the aftermost beachcomber from the $844 low to $1,087 high. However, the downside was bound and the amount is now aback aloft $1,050 and 100 alternate SMA. On the upside, the brace is adverse a couple of important hurdles abreast the $1,100 and $1,140 levels.
A breach aloft the $1,100 akin may alarm for a analysis of $1,140. Aloft $1,140, the amount will best acceptable claiming the $1,200 level. On the downside, beneath $1,040, there could be a analysis of the 50% Fib retracement akin of the aftermost beachcomber from the $844 low to $1,087 aerial at $965.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective college appear the 60 level.
Major Support Level – $1,040
Major Resistance Level – $1,110
Charts address – Trading View
