THELOGICALINDIAN - Key Points
Bitcoin banknote amount contempo fasten looks like a apocryphal move adjoin the US Dollar. BCH/USD is already afresh affective higher, but faces attrition abreast $375.
Bitcoin Cash Price Resistance
After a brief consolidation about the $240-250 levels, Bitcoin banknote amount confused college adjoin the US Dollar. The amount surged college acutely and bankrupt the $375 resistance. It alike confused aloft the $400 handle and traded as aerial as $439.28. However, buyers absent momentum, and all assets were bound reversed. The amount confused bottomward and bankrupt the $375 abutment breadth to trim all gains.
During the downside move, there was a breach beneath a bullish trend band with abutment at $330 on the alternate blueprint of BCH/USD. There was additionally a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $241 low to $439 high. Having said that, the 100 alternate simple affective boilerplate is currently attention losses abreast $300. Moreover, the 61.8% Fib retracement akin of the aftermost beachcomber from the $241 low to $439 aerial is additionally preventing declines.
BCH is already afresh affective college and trading aloft $300. It seems like the amount may attack a retest of $375 in the abreast term. However, upsides assume to be bound by $375 and $400 because the contempo apocryphal upside break.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now affective aback from the bullish to bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now aback beneath the 50 level.
Major Support Level – $300
Major Resistance Level – $375
Charts address – Trading View, Kraken
