THELOGICALINDIAN - Key Points
Bitcoin banknote amount is award it adamantine to move college aloft $1,300 adjoin the US Dollar. BCH/USD charge breach the $1,300 attrition to added assets in the abreast term.
Bitcoin Cash Price Upside Hurdle
There was no major upside move aloft the $1,300 attrition in bitcoin banknote amount adjoin the US Dollar. The amount fabricated a nice upside move about the $1,250 and $1,300 attrition levels. However, the amount was not able to move aloft $1,300 and started a downside move. A low was formed $1,118 from area a accessory upside alteration was initiated.
It confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $1,617 aerial to $1,118 low. However, the upside move faced sellers abreast $1,300 and the 100 simple affective boilerplate (4-hour). Moreover, there is a key bearish trend band basic with attrition at $1,295 on the 4-hours blueprint of the BCH/USD pair. Furthermore, the 38.2% Fib retracement level of the aftermost bead from the $1,617 aerial to $1,118 low prevented gains. There are a few bearish signs and it may move bottomward aback appear the $1,150 abutment level. Below the $1,150 support, the abutting abutment akin is about the $1,120 level.
On the upside, the amount charge breach the $1,300 attrition and the 100 SMA to accretion bullish drive against $1,500.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is mostly collapsed in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD has confused beneath the 50 level.
Major Support Level – $1,120
Major Resistance Level – $1,300
Charts address – SimpleFX
