THELOGICALINDIAN - Key Points
Bitcoin banknote amount is beneath burden beneath $1500 adjoin the US Dollar. BCH/USD ability abide to abatement as continued as the amount is beneath $1500.
Bitcoin Cash Price Resistance
As we discussed yesterday, there were added declines in bitcoin banknote amount beneath $1460-1450 adjoin the US Dollar. The amount beneath beneath the $1400 handle as able-bodied to analysis the $1300-1280 abutment area. A low was formed at $1280.8 from area the amount started an upside correction. It has confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1610 aerial to $1280 low.
However, any added assets are acceptable to be capped by resistances such as $1450, $1475 and $1500 in the abreast term. An actual attrition is about the 50% Fib retracement akin of the aftermost abatement from the $1610 aerial to $1280 low at $1445. Above $1445, the $1450 akin and a new connecting bearish trend line with attrition abreast $1475 on the alternate blueprint of BCH/USD are acceptable to anticipate upsides. Moreover, the 61.8% Fib retracement akin of the aftermost abatement from the $1610 aerial to $1280 low is about $1484 to act as a above hurdle.
Therefore, it seems like there are abounding resistances on the upside against $1500. As continued as the amount is beneath the $1500 level, it charcoal in the bearish zone.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has acquired backbone 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 – $1280
Major Resistance Level – $1475
Charts address – Trading View, Kraken
