THELOGICALINDIAN - Key Points
Bitcoin banknote amount struggled a lot and confused beneath $1,000 adjoin the US Dollar. BCH/USD needs to move aback aloft the $1,480-1,500 akin to accretion upside traction.
Bitcoin Cash Price Resistance
This past anniversary was one of the worst back bitcoin banknote amount confused by added than 50% from $2,900 adjoin the US Dollar. The amount fabricated a aciculate downside move and bankrupt the $1,500 and $1,200 abutment levels. The abatement was solid back the amount confused beneath the $1,000 level. A low was formed at $986 from area the amount started an upside correction.
It has confused aloft 23.6% Fib retracement akin of the aftermost bead from the $1,773 aerial to $986 low. At the moment, the amount is adverse a lot of sellers abreast the $1,250 and $1,280 levels. There are two bearish trend curve basic with attrition at $1,300 and $1,480 on the 4-hours blueprint of BCH/USD. These trend curve are cogent for a move aloft $1,500 in the abreast term. The aboriginal trend band coincides with the 38.2% Fib retracement akin of the last drop from the $1,773 aerial to $986 low. The additional one is abutting to the 61.8% Fib retracement akin of the aftermost bead from the $1,773 aerial to $986 low.
Therefore, a breach aloft $1,500 is bare for BCH to move aback in the bullish zone. On the downside, the $1,000 abutment breadth is a acute support.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is currently abbreviation the bearish slope.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is affective college against the 50 level.
Major Support Level – $1,000
Major Resistance Level – $1,500
Charts address – SimpleFX
