THELOGICALINDIAN - Key Points
Bitcoin banknote amount is assuming a few bearish signs beneath $540 adjoin the US Dollar. BCH/USD could accomplish the abutting breach either aloft $540 or beneath $500.
Bitcoin Cash Price Resistance
There was a able affairs absorption emerged aloft the $500 akin in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace boring confused college and traded aloft the $520 resistance. There was additionally a breach aloft the 23.6% Fib retracement akin of the aftermost abatement from the $573 aerial to $509 low. However, there was a strong resistance abreast the $540 and $545 area forth with the 100 simple affective boilerplate (4-hours).
The amount bootless to accretion drive and struggled abreast the 50% Fib retracement akin of the aftermost abatement from the $573 aerial to $509 low. More importantly, there is a above bearish trend band formed with attrition abreast $535 on the 4-hours blueprint of the BCH/USD pair. The aforementioned trend band is positioned with the 100 SMA at $545. Therefore, the amount has to breach the $540 and $545 attrition levels to accelerate appear the $570 and $580 levels. On the cast side, the $510 akin is an antecedent support. Below this, the abutting above abutment is abreast $500.
Looking at the chart, BCH amount seems to be advancing for the abutting move either aloft $540 or beneath the $500 akin in the abreast term.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is hardly placed in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD has confused beneath the 50 level.
Major Support Level – $500
Major Resistance Level – $540
