THELOGICALINDIAN - Key Points
Bitcoin banknote amount is trading lower from $3000 adjoin the US Dollar. BCH/USD ability abatement added appear the $2500 and $2400 abutment levels.
Bitcoin Cash Price Resistance
There was a decent upside move in bitcoin banknote amount aloft the $2600 akin adjoin the US Dollar. The amount traded appear the $3000 level, but there was no analysis of the declared level. A aerial was formed abreast $2960 and the amount started a downside correction. It traded beneath the $2800 support. There was additionally a breach beneath a above bullish trend band with abutment at $2840 on the alternate blueprint of BCH/USD.
The brace traded beneath the $2600 abutment and formed a low at $2543. Later, an upside beachcomber was accomplished and the amount confused aloft the $2600 level. It additionally confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $2960 aerial to $2543 low. However, the upside wave was adequate by the $2750 attrition level. Moreover, the 38.2% Fib retracement akin of the aftermost abatement from the $2960 aerial to $2543 low additionally acted as a resistance. On the upside, there is additionally a bearish trend band on the aforementioned blueprint with accepted attrition at $2750.
Therefore, it seems like the amount is adverse a above attrition at $2750. BCH ability abatement already afresh and retest the $2500 abutment area.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is assuming signs of a trend change.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still way beneath the 50 level.
Major Support Level – $2500
Major Resistance Level – $2750
Charts address – Trading View, Kraken
