THELOGICALINDIAN - Key Points
Bitcoin banknote amount is placed in a bullish area adjoin the US Dollar. BCH/USD will best acceptable barter in a ambit afore authoritative an attack to beat $1,200.
Bitcoin Cash Price Resistance
There were a few beat moves aloft the $1,000 akin this accomplished anniversary in bitcoin banknote amount adjoin the US Dollar. The amount biconcave already appear the $1,000 abutment with a accessory bearish angle. There was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $868 low to $1,219 high. However, declines were bound as the amount begin abutment about the $1,040 level. Moreover, the 100 simple affective boilerplate (4-hours) additionally acted as a above abutment about the $1,040 level.
More importantly, the 50% Fib retracement akin of the aftermost beachcomber from the $868 low to $1,219 aerial acted as a acceptable buy zone. As a result, the amount captivated declines and confused up from the $1,040 support. On the upside, there is a able barrier formed abreast the $1,180 and $1,200 levels. There is additionally is a major bearish trend line basic with attrition abreast $1,200 on the 4-hours blueprint of the BCH/USD pair. The brace is currently trading in a ambit and is advancing for the abutting move, best acceptable aloft the $1,200 level.
Looking at the chart, the amount is placed accurately in a bullish area aloft $1,000. As continued as the amount is aloft 100 SMA, it is acceptable to breach $1,200 for added gains.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is boring affective in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is captivation the 50 level.
Major Support Level – $1,040
Major Resistance Level – $1,200
