THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to breach a above hurdle abreast $945-950 adjoin the US Dollar. BCH/USD charcoal at a accident of added losses until it is beneath $965.
Bitcoin Cash Price Resistance
After a major abatement yesterday, there was a accessory alteration accomplished from $865 in bitcoin banknote amount adjoin the US Dollar. The amount adapted college and confused aloft the $900 level. There was additionally a breach aloft the 23.6% Fib retracement akin of the aftermost downside move from the $1,069 aerial to $867 low. However, the amount bootless to breach a above attrition abreast $945-950.
The mentioned $945-950 area was a abutment earlier, and now it is acting as a resistance. Moreover, the 38.2% Fib retracement akin of the aftermost downside move from the $1,069 aerial to $867 low additionally acted as a resistance. Above $950, there is a above bearish trend band basic with attrition abreast $965 on the alternate blueprint of the BCH/USD pair. Therefore, we can say that there is a crucial resistance area basic amid $945 and $965. As continued as the amount is beneath $965, it may abide to attempt to move higher.
On the downside, the $900 akin is a appropriate support. A breach beneath the $900 abutment would alarm for a retest of the aftermost low at $867.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied beneath the 50 level.
Major Support Level – $900
Major Resistance Level – $950
Charts address – Trading View
