THELOGICALINDIAN - Key Points
Bitcoin banknote amount is convalescent aloft $400 adjoin the US Dollar. However, a above attrition abreast $475 is complete for BCH/USD on the upside.
Bitcoin Cash Price Upside Hurdle
This accomplished week, we saw a major decline in BCH amount beneath the $500 akin adjoin the US Dollar. The amount traded as low as $301.2 from area a accretion beachcomber was started. There was a breach of the 38.2% Fib retracement akin of the aftermost bead from the $725 aerial to $301 low. It afire an upside move and the amount confused aloft the $500 level.
However, the upside move was adequate by a aloft hurdle abreast $550. The amount bootless to achieve aloft the 50% Fib retracement akin of the aftermost bead from the $725 aerial to $301 low. Also, a acute bearish trend band with accepted attrition at $475 on the 4-hours blueprint of BCH/USD acted as a barrier. Sellers are already in ascendancy and the amount seems to be basic a bearish structure. It is trading aloof aloft the $400 akin and charcoal at a accident of added declines.
If sellers accomplish in breaking the $400 akin again, there could be a retest of $350. On the upside, a abutting aloft $475 is bare for the amount to accretion drive appear $550-600.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is still in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is able-bodied beneath the 50 akin and struggling.
Major Support Level – $400
Major Resistance Level – $475
Charts address – Trading View, Kraken
