THELOGICALINDIAN - Key Points
Bitcoin banknote amount recovered able-bodied from $500 adjoin the US Dollar. BCH/USD now faces addition upside hurdle about the $580 level.
Bitcoin Cash Price Resistance
There was a sharp downside move in Bitcoin banknote amount appear $520-500 adjoin the US Dollar. The amount afterwards trading as low as $501 begin buyers and after started acclimation higher. It managed to breach the 23.6% Fib retracement akin of the bead from the $678 aerial to $501 low. It has opened the doors for added upsides appear $580-600 in the abreast term.
Recently, there was a breach aloft a bearish trend band at $540 on the alternate blueprint of BCH/USD. It added helped the brace in convalescent aloft the $550 level. At the moment, the brace is trading aloof beneath the 38.2% Fib retracement akin of the bead from the $678 aerial to $501 low. On the upside, there is addition bearish trend band cat-and-mouse at $5801 to act as a barrier for buyers. Aloft $580, the 50% Fib retracement akin of the drop from the $678 aerial to $501 low is at $588.
Therefore, there are affairs of BCH adverse a lot of offers abreast $580-588 if it continues to move college from the accepted levels. On the downside, the $520 akin is a acceptable abutment breadth and buy zone.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is affective college and is currently able-bodied aloft the 50 level.
Major Support Level – $520
Major Resistance Level – $580
Charts address – Trading View, Kraken
