THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to abide aloft $500 adjoin the US Dollar. BCH/USD is acclimation lower with attrition on the upside at $450.
Bitcoin Cash Price Resistance
There was a slow and abiding recovery from the $400 akin in BCH amount adjoin the US Dollar. The amount traded aloft the $500 akin and activated the $550 attrition zone. However, buyers bootless to accumulate the amount aloft $500 and as a result, there was a downside break. The amount confused beneath the 38.2% Fib retracement akin of the aftermost beachcomber from the $302.00 low to $549.8 high.
Sellers were in ascendancy and they managed to advance the amount beneath $420. There was a analysis of the 61.8% Fib retracement akin of the aftermost beachcomber from the $302.00 low to $549.8 high. Later, buyers appeared and started a accretion aloft $420. However, the upside seems to be capped by the $470 level. At the moment, there are two bearish trend curve basic with attrition at $450 on the 4-hours blueprint of BCH/USD. Therefore, a abutting aloft the $450 attrition is charge for more gains.
If the amount abide to struggle, it could retest $400. A breach of $400 ability advance the amount aback appear $360. On the upside, a breach aloft $450 is bare for assets aloft $500 in the abreast term.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is now in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is able-bodied beneath the 50 level.
Major Support Level – $400
Major Resistance Level – $450
Charts address – Trading View, Kraken
