THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring attempting a accretion adjoin the US Dollar. BCH/USD needs to breach $425 to accretion upside drive in the abbreviate term.
Bitcoin Cash Price Resistance
Recently, we saw a downside move in Bitcoin banknote amount appear the $400 handle adjoin the US Dollar. The amount traded as low as $410.8 area it begin buyers and is currently attempting a accretion in the abbreviate term. However, an upside move won’t be accessible back it is adverse abounding hurdles like $425 and $440. To alpha with, there is a key bearish trend band basic with attrition abreast $425 on the alternate blueprint of BCH/USD.
The trend band attrition abreast $425 is actual important. It is additionally abreast the 23.6% Fib retracement akin of the aftermost abatement from the $453 aerial to $410 low. A breach aloft the $425 attrition would animate buyers to advance the amount appear $435. The mentioned $435 attrition is the abutting barrier. It is the 50% Fib retracement akin of the last decline from the $453 aerial to $410 low. Once there is a breach aloft the $435-440 resistance, there is a adventitious of added assets in the abreast term.
On the downside, the $310 low is a above abutment area. Should there be a abutting beneath $410, the amount would calmly analysis the $400 handle.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is about to ability the 50 level.
Major Support Level – $410
Major Resistance Level – $425
Charts address – Trading View, Kraken
