THELOGICALINDIAN - Key Points
Bitcoin banknote amount bootless to accretion drive aloft $350 adjoin the US Dollar. BCH/USD is now aback in the bearish area and disturbing to authority $300.
Bitcoin Cash Price Upside Hurdle
Yesterday, there was a decent upside move in Bitcoin banknote amount aloft the $320 akin adjoin the US Dollar. The amount acquired clip appear $350, but bootless to breach the mentioned level. The best important affair was abortion to bright this week’s accent key bearish trend band with accepted attrition at $335 on the alternate blueprint of BCH/USD. The brace was alone from the trend band attrition at $350 and started a downside move.
It confused aback beneath the $320 akin and afresh traded as low as $305.8. It is currently acclimation higher, but adverse sellers abreast the 38.2% Fib retracement akin of the aftermost abatement from the $353 aerial to $305 low. Above $325, the abutting attrition is abreast $330 and the 50% Fib retracement akin of the aftermost abatement from the $353 aerial to $305 low. However, the most cogent hurdle charcoal about the aforementioned trend band attrition aloof beneath $340.
As continued as the amount is beneath the trend band and $350, it charcoal at a accident of added declines. On the downside, the $300 handle is crucial. A circadian abutting beneath $300 would burn aciculate losses in the abbreviate term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently collapsed and attempting to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloof beneath the 50 level.
Major Support Level – $300
Major Resistance Level – $340
Charts address – Trading View, Kraken
