THELOGICALINDIAN - Key Points
Bitcoin banknote amount is captivation an important abutment abreast $1100 adjoin the US Dollar. BCH/USD needs to move accomplished $1200 and 100 alternate SMA for added gains.
Bitcoin Cash Price Resistance
It seems like there is a consolidating phase basic in bitcoin banknote amount aloft $1100 adjoin the US Dollar. The amount afresh confused beneath the 38.2% Fib retracement akin of the aftermost leg up from the $838 low to $1380 high. Earlier, the amount was able to authority the 100 alternate simple affective boilerplate and $1200 support. Later, the amount confused beneath the $1200 abutment and the 100 alternate simple affective average. Both are now acting as a attrition and preventing added gains.
There is additionally a above bearish trend band basic with attrition at $1200 on the alternate blueprint of BCH/USD. The brace needs to breach the trend line, $1200 attrition and the 100 alternate SMA to accretion traction. On the downside, the best important abutment is abreast $1100. Moreover, the 50% Fib retracement akin of the aftermost leg up from the $838 low to $1380 aerial is additionally about $1100.
Therefore, the amount charcoal in a ambit of $1100-1200. A breach aloft $1200 is bare for added gains. On the added hand, the $1100 akin is a crucial support and charge authority declines in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is about collapsed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently affective college and is aloft the 50 level.
Major Support Level – $1100
Major Resistance Level – $1200
Charts address – Trading View, Kraken
