THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring convalescent aloft $700 adjoin the US Dollar. BCH/USD has to move accomplished the $800-810 barrier to abide in a bullish area in the abreast term.
Bitcoin Cash Price Resistance
This accomplished week, there were heavy losses in bitcoin banknote amount beneath the $1,000 akin adjoin the US Dollar. The BCH/USD brace beneath and bankrupt the $800 and $700 abutment levels. However, the $650 akin acted as a appropriate abutment and prevented added declines. A low was formed at $651 and the amount started an advancement recovery. It acquired clip and bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $931 aerial to $651 low.
However, the amount is adverse a above hurdle about the $800 level. There are two bearish trend curve formed with attrition at $770 and $810 on the 4-hours blueprint of the BCH/USD pair. The 50% Fib retracement akin of the aftermost abatement from the $931 aerial to $651 low is additionally positioned abreast $791. More importantly, the 100 simple affective boilerplate (4-hours) is additionally positioned abreast the $800 akin to act as a major resistance.
Looking at the chart, the amount charge breach and achieve aloft the $800 attrition area to move added college in the abreast term. The abutting attrition aloft $800-810 is about the $900 level. On the downside, supports are apparent abreast the $720, $700 and $650 levels.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is aback in the bullish area with absolute signs.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 50 level.
Major Support Level – $700
Major Resistance Level – $810
