THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to breach $1250 adjoin the US Dollar. BCH/USD ability abide to attempt as continued as there is no abutting aloft $1250-1300.
Bitcoin Cash Price Resistance
This accomplished anniversary we saw a major decline in bitcoin banknote amount from the $2600 beat aerial adjoin the US Dollar. The amount traded beneath the $2000, $1500 and $1000 abutment levels. A low was formed at $835 from area the amount started an upside correction. Moreover, the 100 simple affective boilerplate (H4), currently at $950 additionally acted as a abutment and prevented losses. There was a antidotal beachcomber aloft the $1000 level.
However, the amount struggled to move aloft the 23.6% Fib retracement akin of the aftermost abatement from the $2600 aerial to $835 low. There is additionally a aloft bottomward approach basic with attrition at $1225 on the 4-hours blueprint of BCH/USD. The aforementioned approach attrition is acting as a monster hurdle for buyers abreast $1225-1250. As continued as the amount is beneath $1250, it remains in a downtrend. Upsides abide capped until there is a abutting aloft the approach attrition at $1250.
On the downside, the 100 simple affective boilerplate (H4), currently at $950 is a aloft abutment area. Below $950, the approach abutment is at $680. Therefore, if the brace fails to move aloft $1250, there is a adventitious of a downside move against $950 or alike $700.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is about to move into the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 level.
Major Support Level – $950
Major Resistance Level – $1250
Charts address – Trading View, Kraken
