THELOGICALINDIAN - Key Points
Bitcoin banknote amount is currently beneath burden beneath $1500 adjoin the US Dollar. BCH/USD ability extend losses appear the $1360 level.
Bitcoin Cash Price Resistance
There was a failure to hold a above abutment abreast $1450 in bitcoin banknote amount adjoin the US Dollar. The amount alike confused beneath the $1440 abutment and is currently assuming a few bearish signs. There was a advance beneath the 38.2% Fib retracement akin of the aftermost beachcomber from the $1205 low to $1614 high. It has opened the doors for added losses beneath $1450 and the amount is now beneath the 100 alternate simple affective average.
More importantly, there was a breach beneath a key bullish trend band with abutment at $1480 on the alternate blueprint of BCH/USD. This is a above bearish assurance as continued as the amount is beneath $1450. At the moment, the brace is trading abreast the 50% Fib retracement akin of the last wave from the $1205 low to $1614 high. It seems like the brace ability anon breach the $1410 and $1400 abutment levels and extend its decline.
The abutting above abutment is abreast the 61.8% Fib retracement akin of the aftermost beachcomber from the $1205 low to $1614 aerial at $1360. On the upside, the burst abutment at $1450 is now a attrition followed by the 100 alternate SMA.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is extensive oversold levels at 25.
Major Support Level – $1360
Major Resistance Level – $1480
Charts address – Trading View, Kraken
