THELOGICALINDIAN - Key Points
Bitcoin banknote amount is convalescent from lows adjoin the US Dollar. BCH/USD is now adverse a above hurdle for added assets abreast the $1,700 level.
Bitcoin Cash Price Resistance
Yesterday, we saw a downside correction in bitcoin banknote amount beneath the $1,650 abutment adjoin the US Dollar. The amount alike traded beneath the $1,600 akin and activated the $1,550-60 abutment area. There was alike a fasten beneath the 61.8% Fib retracement akin of the aftermost leg from the $1,460 low to $1,835 high. However, the abatement was adequate by the $1,560 abutment area.
A low was formed at $1,567 and the amount started an upside move. It traded aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1,834 aerial to $1,567 low. Moreover, the amount confused aloft the $1,625 akin and the 100 hourly simple affective average. At the moment, the amount is abutting a above hurdle abreast the $1,700 level. There is additionally a key abutting bearish trend band basic with attrition at $1,700 on the alternate blueprint of the BCH/USD pair. Additionally, the 50% Fib retracement akin of the aftermost abatement from the $1,834 aerial to $1,567 low is at $1,705 to anticipate gains.
Looking at the chart, it seems like it won’t be accessible for buyers to breach the $1,700 barrier. On the downside, the $1,625 abutment is a appropriate buy area forth with the 100 alternate SMA.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has confused aloft the 50 level.
Major Support Level – $1,625
Major Resistance Level – $1,700
