THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aggressive college aloft $1500 adjoin the US Dollar. BCH/USD is currently adverse an important attrition abreast $1720-1750.
Bitcoin Cash Price Resistance
There was a nice accretion accomplished in bitcoin banknote amount from the $850 beat low adjoin the US Dollar. The amount popped college and managed to move aloft the $1000 and $1200 resistances. There was additionally a breach aloft the 38.2% Fib retracement akin of the aftermost bead from the $2600 aerial to $848 low. It opened the gates for more assets aloft $1500 in the abreast term.
There was a move aloft the $1650 level, but the amount begin a above attrition abreast $1720-1750. There is a above abutting attrition trend band basic with barrier at $1720 on the 4-hours blueprint of BCH/USD. The trend band attrition is abreast the 50% Fib retracement akin of the aftermost bead from the $2600 aerial to $848 low. Therefore, the $1750 akin is a monster attrition and it won’t be accessible for buyers to break it.
On the downside, there is a bullish trend band basic with abutment abreast $1300-1250. The mentioned $1250 abutment is additionally abutting to the 100 simple affective boilerplate (4-hour). Therefore, the $1300-1250 levels are important buy zones in the abreast term. We ability see alignment moves beneath $1750 for some time afore the amount makes the abutting move.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is currently in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently affective lower appear the 50 level.
Major Support Level – $1300
Major Resistance Level – $1750
Charts address – Trading View, Kraken
