THELOGICALINDIAN - Key Points
Bitcoin banknote amount is convalescent from $290 adjoin the US Dollar. BCH/USD ability abide to move higher, but the $350 attrition holds a lot of importance.
Bitcoin Cash Price Resistance
Yesterday, I mentioned that there is a adventitious of Bitcoin banknote amount testing the $300 level adjoin the US Dollar. The amount did barter lower, activated the $300 abutment and alike surpassed it. A low was formed abreast $291.1 from area the amount is currently acclimation higher. It has confused acutely college and already aloft the 50% Fib retracement akin of the aftermost abatement from the $362 aerial to $291 low.
However, there is a above attrition cat-and-mouse on the upside abreast $350. The mentioned $350 akin was a abutment beforehand and now it could act as a above resistance. It is additionally abreast the 76.4% Fib retracement akin of the aftermost abatement from the $362 aerial to $291 low. Moreover, yesterday’s accent key bearish trend band with accepted attrition is complete abreast $340 on the alternate blueprint of BCH/USD. Therefore, if the amount continues to move higher, it is acceptable to face affairs absorption abreast $340-350.
Having said that, the amount is convalescent able-bodied from $300, which is a absolute sign. There are affairs of a alliance aloft $300 for some time afore the amount makes the abutting move higher.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has confused acutely into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied aloft the 50 level.
Major Support Level – $300
Major Resistance Level – $350
Charts address – Trading View, Kraken
