THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to accretion drive aloft $1,500 adjoin the US Dollar. BCH/USD could abatement already afresh if buyers lose ascendancy in the abbreviate term.
Bitcoin Cash Price Resistance
There was a decent recovery over the weekend as bitcoin banknote amount confused aloft the $1,450 attrition adjoin the US Dollar. However, the amount struggled to breach the $1,500 resistance, which was additionally a abutment earlier. Moreover, the 100 alternate simple affective average, which is currently at $1,490 additionally acted as a above hurdle for buyers. The amount is currently affective bottomward and it bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $1,266 low to $1,505 high.
During the decline, there was a breach beneath a concise application triangle arrangement with abutment at $1,450 on the alternate blueprint of the BCH/USD pair. It seems like the $1,500 barrier acted as a acute attrition and prevented declines. It may abatement added and barter appear the 50% Fib retracement akin of the last wave from the $1,266 low to $1,505 high. Therefore, the abutting above abutment is about the $1,400 and $1,380 levels.
Looking at the chart, the amount is currently beneath a accessory bearish burden beneath $1,480 and the 100 alternate SMA. If buyers accomplish in accepting drive aloft $1,500 and 100 alternate SMA, there could be added gains. The abutting attrition in the mentioned case could be $1,620.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has aloof confused beneath the 50 level.
Major Support Level – $1,380
Major Resistance Level – $1,500
