THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to accretion absorption adjoin the US Dollar. BCH/USD has to beat $330 and $350 to affected affairs burden in the abbreviate term.
Bitcoin Cash Price Support
There were a few beat moves in Bitcoin banknote price, but it bootless to achieve aloft $350-355 adjoin the US Dollar. The amount started a downside move from the $356.7 beat aerial and confused beneath the 50% Fib retracement akin of the aftermost beachcomber from the $310 low to $356 high. There was no abutting aloft the $350 level, which resulted in a aciculate decline.
The downside move was such that the amount alike bootless to authority the $330 support. The mentioned $330 akin would now act as a resistance. At present, the amount is trading abreast the 76.4% Fib retracement akin of the aftermost beachcomber from the $310 low to $356 high. There is a adventitious of a downside move appear $320-310 to ample buy orders afore the amount resumes its upside move. On the upside, there is a concise bearish trend band forming with resistance abreast $330 on the alternate blueprint of BCH/USD.
A breach and abutting aloft the $330 akin is appropriate for buyers to accretion absorption in the abreast term. Once there is a abutting aloft $330, the amount could calmly retest the $350-355 resistance.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently beneath the 50 level.
Major Support Level – $310
Major Resistance Level – $330
Charts address – Trading View, Kraken
