THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring affective college adjoin $1425 adjoin the US Dollar. BCH/USD needs to bright the $1405-1425 hurdle to accretion added momentum.
Bitcoin Cash Price Upside Hurdle
There was a slow and abiding rise in bitcoin banknote amount aloft the $1360 axis adjoin the US Dollar. The amount was able to move aloft the $1380 attrition levels. Added importantly, there was a breach of the 61.8% Fib retracement akin of the aftermost bead from the $1505 aerial to $1202 low. It has opened the doors for added assets aloft $1400 in the abreast term.
However, yesterday’s accent acute bearish trend band with accepted attrition at $1405 is complete on the alternate blueprint of BCH/USD. It is acting as a aloft barrier for added assets aloft $1425. A able abutting aloft the trend line, $1425 and again $1440 is appropriate for buyers to booty control. On the downside, an antecedent abutment is about the $1350 level. The mentioned $1350 akin is abreast the 100 alternate simple affective average. Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $1202 low to $1446 aerial is additionally about $1350.
Therefore, the $1350 akin is a above support. Below $1350, there is a abutting bullish trend band with abutment at $1325. The declared $1325 is additionally a key abutment back it is the 50% Fib retracement akin of the aftermost beachcomber from the $1202 low to $1446 high.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is about collapsed and is assuming no signs of momentum.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently abreast 56 and is affective down.
Major Support Level – $1350
Major Resistance Level – $1405
Charts address – Trading View, Kraken
