THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath beneath the $500 akin adjoin the US Dollar. BCH/USD charcoal in the bearish area and ability retest the $400 level.
Bitcoin Cash Price Resistance
There was a solid affairs interest abreast the $720 akin in BCH amount adjoin the US Dollar. The amount faced abundant affairs burden and confused beneath the $600 and $520 abutment levels. It alike traded beneath the $400 akin and formed a low at $307.6. Later, a accretion beachcomber was accomplished and the amount confused aback aloft the $400 level. It additionally austere the 23.6% Fib retracement akin of the aftermost bead from the $720 aerial to $307 low. However, the upside move bootless abreast the $470 attrition area.
The 38.2% Fib retracement akin of the aftermost bead from the $720 aerial to $307 low additionally acted as a hurdle for added gains. There is a bottomward triangle arrangement basic with attrition at $500 on the 4-hours blueprint of BCH/USD. The triangle attrition abreast $500-520 is a crucial hurdle for buyers in the abreast term. The 50% Fib retracement akin of the aftermost bead from the $720 aerial to $307 low at $514 is additionally a key resistance.
As continued as the amount is beneath the $500-520 attrition levels, it ability abide to move down. On the downside, an actual abutment is abreast $400.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is about to move aback in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is still beneath the 50 level.
Major Support Level – $400
Major Resistance Level – $500
Charts address – Trading View, Kraken
