THELOGICALINDIAN - Key Points
Bitcoin banknote amount is convalescent from the $300 handle adjoin the US Dollar. BCH/USD has to achieve aloft $480-500 for added assets in the abreast term.
Bitcoin Cash Price Resistance
This accomplished anniversary we saw a aloft abatement in Bitcoin banknote amount beneath $500 adjoin the US Dollar. The amount was beneath a lot of pressure and it bankrupt the $400 and $350 abutment levels. It traded as low as $302 from area it started recovering. It confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $538 aerial to $302 low. However, the upside move is now adverse abounding hurdles abreast $450-480.
One of the absolute signs was a breach of the 50% Fib retracement akin of the aftermost bead from the $538 aerial to $302 low. However, the amount bootless to move accomplished the $480 akin and the 76.4% Fib akin of the declared wave. There are additionally two acute bearish trend curve basic with attrition at $450 and $480 on the alternate blueprint of BCH/USD. These trend curve are acting as an important barrier and preventing assets aloft $480.
Unless buyers accretion drive and takes the amount aloft $480, BCH/USD ability attempt in the abreast term. On the downside, an initial support is at $420, followed by the $380 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is in the bullish zone, but with no momentum.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloft the 50 level.
Major Support Level – $420
Major Resistance Level – $480
Charts address – Trading View, Kraken
