THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback to aboveboard one adjoin the US Dollar. BCH/USD has to break aloft $550 to abstain added declines in the abreast term.
Bitcoin Cash Price Resistance
Yesterday, we saw how there was a decent abutment base formed abreast $550 in Bitcoin banknote amount adjoin the US Dollar. Later, the amount started a accretion from the $550 low and managed to clamber aloft the 23.6% Fib retracement akin of the aftermost abatement from the $720 aerial to $550 low. It was an antecedent absolute signs and helped buyers in demography the amount aloft the $600 level.
There was a huge fasten in the amount appear $620 area it faced sellers. A acute bearish trend band with attrition at $610 on the alternate blueprint of BCH/USD adequate gains. Moreover, the 38.2% Fib retracement akin of the aftermost abatement from the $720 aerial to $550 low additionally acted as a resistance. The brace bootless to breach $620, faced heavy offers and confused down. As a result, there was a apocryphal fasten formed and the amount is currently coffer trading abreast $550. The mentioned $550 abutment is a above accumbent pivot.
The amount has to abide aloft the declared akin or there are affairs of added losses appear $520. If sellers abide in action, the amount could alike analysis $500.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is about collapsed with no absolute momentum.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is branch lower appear 40 level.
Major Support Level – $550
Major Resistance Level – $610
Charts address – Trading View, Kraken
