THELOGICALINDIAN - Key Points
Bitcoin banknote amount is trading abreast the $645 attrition adjoin the US Dollar. BCH/USD has to breach $645-650 to accretion added momentum.
Bitcoin Cash Price Resistance
Recently, we saw decent upsides in Bitcoin banknote amount aloft the $600 akin adjoin the US Dollar. However, the amount seems to be disturbing to breach the $640 and $650 attrition levels. There is a ample ambit basic with abutment at $580 and attrition at $650. The amount afresh activated the $640-650 ambit resistance, attempted an upside breach on a brace of times, but failed.
It seems like there is a bearish trend band basic with accepted attrition at $640 on the alternate blueprint of BCH/USD. The brace afresh bootless abreast $643 and started a concise correction. It activated the 23.6% Fib retracement akin of the aftermost beachcomber from the $570 low to $643 high. The downsides assume to be bound by the $600 akin and the 50% Fib retracement akin of the aftermost beachcomber from the $570 low to $643 high. Buyers are acceptable to protect declines if the brace moves against $600 and $580.
On the upside, the brace needs to breach the ambit attrition at $640 and $650 to move against $680. Above $680, the brace could alike analysis the $700 handle in the abbreviate term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied aloft the 50 akin with absolute signs.
Major Support Level – $600
Major Resistance Level – $640
Charts address – Trading View, Kraken
