THELOGICALINDIAN - Key Points
Bitcoin banknote amount bootless to achieve aloft $750 adjoin the US Dollar. BCH/USD has now confused into the bearish area for added losses.
Bitcoin Cash Price Resistance
Earlier this week, we saw a rise in Bitcoin banknote amount appear the $750 akin adjoin the US Dollar. The amount acquired clip and traded as aerial as $748.09 area it faced sellers. It bootless to move accomplished $750 and started a downside move. The abortion was about the 50% Fib retracement akin of the aftermost abatement from the $943 aerial to $540 low. It is a assurance that the amount completed a beachcomber abreast $750 and currently in a bearish wave.
During the downside move, there was a breach beneath yesterday’s accent bullish trend band with abutment at $670 on the alternate blueprint of BCH/USD. The amount additionally confused beneath the $680 abutment and the 100 alternate simple affective average. These are bearish signs and could advance the brace appear $600. It is additionally beneath the 50% Fib retracement akin of the last wave from the $540 low to $748 high. It agency the amount could alike breach the $600 abutment if sellers abide in control.
If buyers accept to booty aback control, they accept to bright the $680 attrition and the 100 alternate simple affective average.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective college from the 40 level.
Major Support Level – $600
Major Resistance Level – $680
Charts address – Trading View, Kraken
