THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath added appear $1200 adjoin the US Dollar. BCH/USD is acceptable to attempt added with resistances abreast $1360 and $1400.
Bitcoin Cash Price Hurdles
There was no recovery in bitcoin banknote amount as it beneath added appear $1200 adjoin the US Dollar. The amount bootless to authority yesterday’s low abreast $1280. It traded beneath the $1250 and $1240 abutment levels and traded abutting to the $1200 handle. A low was formed abreast $1203 afore a accessory alteration beachcomber was initiated. There was a move aloft the 23.6% Fib retracement akin of the aftermost bead from the $1605 aerial to $1203 low.
However, the upside move begin attrition abreast $1360. There are two bearish trend curve basic with attrition abreast $1350 and $1480 on the alternate blueprint of BCH/USD. The aboriginal trend band coincides with the 38.2% Fib retracement akin of the aftermost bead from the $1605 aerial to $1203 low. Therefore, the $1350-1360 levels are important for the current correction. Above $1360, the amount ability attack a analysis of the $1400 level.
The 38.2% Fib retracement akin of the aftermost bead from the $1605 aerial to $1203 low is abreast $1406 to act as a hurdle. On the downside, the $1200 abutment area holds a lot of importance. BCH charge break aloft it to abstain declines against $1050.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bullish area as per the correction.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still beneath the 50 level.
Major Support Level – $1200
Major Resistance Level – $1360
Charts address – Trading View, Kraken
