THELOGICALINDIAN - Key Points
Bitcoin banknote amount traded lower acutely beneath $1000 adjoin the US Dollar. BCH/USD is now beneath burden and charcoal advertise on rallies.
Bitcoin Cash Price Resistance
There was no aloft recovery in bitcoin banknote amount bygone aloft $1200 adjoin the US Dollar. The amount started a aciculate downside move and traded beneath a brace of important abutment levels like $1050 and $1000. The abatement was able and the amount traded abutting to $800. A low was formed abreast $835 from area a accretion beachcomber is initiated. The amount has confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $1220 aerial to $835 low.
However, this week’s accent bearish trend band with accepted attrition at $1050 is in abode on the alternate blueprint of BCH/USD. The aforementioned trend band attrition is abreast $1050. So, the antecedent abutment at $1050 may now act as a resistance for buyers in the abreast term. It additionally coincides with the 50% Fib retracement akin of the aftermost bead from the $1220 aerial to $835 low.
The accepted accretion is positive, but a breach beneath $1050 was negative. Therefore, bitcoin banknote amount ability abide to face sellers abreast $1050 and $1100. On the downside, an antecedent abutment is about $900. Beneath $900, the amount will best acceptable retest the contempo low of $835.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is still in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is convalescent from the overbought levels, but it is beneath 50.
Major Support Level – $850
Major Resistance Level – $1050
Charts address – Trading View, Kraken
