THELOGICALINDIAN - Key Points
Bitcoin banknote amount struggled to breach the $1,000 akin adjoin the US Dollar. BCH/USD charge bright hurdles abreast $985 and $1,000 to column added gains.
Bitcoin Cash Price Resistance
Yesterday, we saw a appropriate alpha to a new recovery in bitcoin banknote amount aloft $800 adjoin the US Dollar. The amount traded aloft the $850 and $900 attrition levels. However, the upside move was adequate by a above attrition abreast $1,000. Moreover, the 100 alternate simple affective boilerplate is additionally preventing assets abreast the $980 and $1,000 levels.
More importantly, there is a above abutting bearish trend band basic with attrition at $985 on the alternate blueprint of BCH/USD. The trend band attrition acted as a barrier and is currently preventing an upside break. On the downside, an antecedent abutment is about the 23.6% Fib retracement akin of the beachcomber from the $748 low to $1,021 high. There are abounding important supports on the downside if the brace fails abreast the $1,000 level. The most important one is abreast $880 and the 50% Fib retracement akin of the beachcomber from the $748 low to $1,021 high.
On the upside, a breach and abutting aloft the $1,000 akin could accessible the doors for added assets appear $1,100 in the abreast term. Aloft $1,100, the amount may analysis $1,150.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is aback aloft the 50 akin and is affective north.
Major Support Level – $880
Major Resistance Level – $1,000
Charts address – SimpleFX
