THELOGICALINDIAN - Key Points
Bitcoin banknote amount is currently acclimation aloft $560 adjoin the US Dollar. BCH/USD needs to accretion drive aloft $600 to accretion traction.
Bitcoin Cash Price Resistance
We saw a above abatement in Bitcoin banknote amount this accomplished anniversary beneath $600 adjoin the US Dollar. The amount was beneath a lot of bearish burden and alike activated the $550 support. The stated $550 support acted as a barrier for sellers and after resulted in the alpha of a correction. The amount already activated the 23.6% Fib retracement akin of the aftermost abatement from the $721 aerial to $551 low.
However, a tiny abutting bearish trend band with attrition at $590 adequate gains. On the downside, there is a above bullish trend band with abutment at $570 basic on the alternate blueprint of BCH/USD. The trend band abutment at $570 is acting as a acute hurdle for downsides and ability advance the brace higher. Above the aboriginal bearish trend band lies the 38.2% Fib retracement akin of the aftermost abatement from the $721 aerial to $551 low at $616. It is beneath addition bearish trend line at $620 on the aforementioned chart.
Overall, it looks like there is a above attrition basic abreast $600-620. The amount has to breach $600 and again $620 to accretion absorption in the abreast term. On the downside, the $550 akin is the best important support.
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 is affective college appear the 50 level.
Major Support Level – $550
Major Resistance Level – $620
Charts address – Trading View, Kraken
