THELOGICALINDIAN - Key Points
Bitcoin banknote amount is assuming absolute signs aloft $1,150 adjoin the US Dollar. However, upsides in BCH/USD are acceptable to be bound by the $1,320 attrition zone.
Bitcoin Cash Price Upside Hurdle
This accomplished week, there was a sharp access in affairs pressure on bitcoin banknote amount aloft $1,400 adjoin the US Dollar. The amount started a downside move and traded beneath the $1,350 and $1,280 abutment levels. There was alike a breach beneath the $1,200 axis level, which opened the doors for added losses. It traded abutting to the $1,120 abutment akin and a low was formed at $1,131.
Later, the amount started an upside alteration and confused aloft the $1,120 resistance. It additionally confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $1,506 aerial to $1,131 low. However, there are abounding barriers on the upside abreast $1,300. An antecedent hurdle is abreast $1,128, which was a abutment beforehand and it may now prevent gains. There is additionally a acute bearish trend band basic with attrition abreast $1,320 on the 4-hours blueprint of the BCH/USD pair. Moreover, the 50% Fib retracement akin of the aftermost bead from the $1,506 aerial to $1,131 low is positioned abreast $1,318 to act as a hurdle.
Looking at the chart, the amount may abide to acceleration in the abreast appellation appear $1,300. However, a breach aloft $1,300 and $1,320 won’t be easy.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is affective aback in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is branch appear the 50 level.
Major Support Level – $1,150
Major Resistance Level – $1,320
