THELOGICALINDIAN - Key Points
Bitcoin banknote amount is now trading beneath $1500 adjoin the US Dollar. BCH/USD is beneath burden and ability analysis the $1050 abutment in the abbreviate term.
Bitcoin Cash Price Resistance
Yesterday, we saw a reversal pattern in Bitcoin banknote amount as it confused beneath the $1800 akin adjoin the US Dollar. The amount traded against the $1050 abutment and after adapted higher. It confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $2580 aerial to $1012 low. However, the upside move was bound by the $1500 resistance. There is additionally a above bearish trend band basic with attrition at $1400 on the alternate blueprint of BCH/USD.
Above the trend band resistance, the 38.2% Fib retracement akin of the aftermost abatement from the $2580 high to $1012 low is at $1614. Therefore, there are abounding resistances on the upside starting with the $1400 level. It won’t be accessible for BCH buyers to advance the amount aloft $1400 and $1500 in the abbreviate term. There can be a brace of beat moves or alignment moves beneath $1500. Moreover, there is a adventitious of it retesting the $1050-1000 abutment breadth as able-bodied in the abreast term.
Loses beneath $1000 would beggarly a aloft bearish trend against $650-600. On the upside, a abutting aloft $1500 would be a absolute arresting for buyers.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is attempting to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently beneath the 50 level.
Major Support Level – $1050
Major Resistance Level – $1500
Charts address – Trading View, Kraken
