THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to accretion clip aloft $650 adjoin the US Dollar. BCH/USD charcoal in a declivity and at accident of added losses.
Bitcoin Cash Price Resistance
There was a decline in Bitcoin banknote amount appear the $580 akin adjoin the US Dollar. The amount begin abutment abreast $580 and started a concise correction. It confused aloft the $600 akin and attempted an upside break. However, the upside breach was prevented by the $650 attrition and the 100 alternate simple affective average. The amount bootless to move and achieve aloft $650 and is currently trading lower.
There is a new bottomward approach arrangement basic with attrition abreast $630 on the alternate blueprint of BCH/USD. The approach attrition at $630 is aloof beneath the 100 alternate simple affective average. Therefore, it holds a lot of importance, and a abutting aloft $630-650 won’t be easy. The amount already adapted lower already and activated the 61.8% Fib retracement akin of the aftermost beachcomber from the $580 low to $659 high. On the downside, an initial support is abreast $580, followed by the approach abutment at $550.
It would be absorbing to see how the amount trades and whether it can breach $650 or not. A able abutting aloft $650 and 100 alternate simple affective boilerplate is bare for buyers to accretion momentum.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is abutting to collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is aloof aloft 50 level.
Major Support Level – $580
Major Resistance Level – $650
Charts address – Trading View, Kraken
