THELOGICALINDIAN - Key Points
Bitcoin banknote amount fell acutely this anniversary adjoin the US Dollar. BCH/USD is now adverse a above attrition breadth abreast $365 on the upside.
Bitcoin Cash Price Resistance
The past two sessions came as a abatement for Bitcoin banknote amount as it adapted appear $370 adjoin the US Dollar. The amount afresh traded as low as $343.6 and bootless to authority the bygone low of $346. At the moment, the amount is accumulation aloft the $340 level. An antecedent attrition on the upside is about the 23.6% Fib retracement akin of the aftermost bead from the $406 aerial to $343 low. If the amount continues to actual higher, it ability face abundant offers abreast $370-380.
Moreover, there is a aloft bearish trend band basic with attrition abreast $365 on the alternate blueprint of BCH/USD. An intermediate resistance is about the 38.2% Fib retracement akin of the aftermost bead from the $406 aerial to $343 low. A breach and abutting aloft the $370 akin ability alarm for an continued move appear the $390 level. On the downside, there is a abutting bullish trend band basic with abutment at $350.
Should there be a breach beneath $350, the amount would retest the aftermost low of $343. The all-embracing bent is bearish as continued as the amount is beneath $400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is assuming no above signs of a recovery.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is acclimation college appear the 45 level.
Major Support Level – $340
Major Resistance Level – $370
Charts address – Trading View, Kraken
