THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to accretion upside drive adjoin the US Dollar. BCH/USD charcoal at a accident of added losses beneath the $950 support.
Bitcoin Cash Price Resistance
There was a accessory upside accretion accomplished in bitcoin banknote amount from the $640 beat low adjoin the US Dollar. The amount recovered aloft the $800 attrition and the 50% Fib retracement akin of the last drop from the $1,157 aerial to $640 beat low. Moreover, there was a breach aloft the $1,000 akin and the $1,020 axis level. However, the amount faced a lot of sellers abreast the $1,080 and $1,100 attrition levels.
More importantly, a cogent bearish trend band with attrition at $1,000 on the 4-hours blueprint of the BCH/USD brace additionally acted as a hurdle. Lastly, the amount bootless to move aloft the 76.4% Fib retracement akin of the aftermost bead from the $1,157 aerial to $640 beat low. At the moment, the amount is moving lower and is trading beneath the $1,000 akin and the 100 simple affective boilerplate (4-hours). As continued as the amount is beneath the $1,000 akin and the 100 SMA, it charcoal at a risk.
On the downside, the $950 akin is a acute support. If the amount drops beneath the mentioned $950 support, it could move aback in the bearish area in the abreast term.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is affective aback in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied beneath the 50 level.
Major Support Level – $950
Major Resistance Level – $1,000
Charts address – SimpleFX
