BCH/USD bulls and bears wrestle around the $400 level - Confluence Detector
- BCH/USD went up from $355.75 to $387.
- Confluence Detector shows lack of strong resistance levels.
BCH/USD enjoyed a bullish Monday like the rest of the crypto market and went up from $355.75 to $387. The price crossed $400, and then the bears rallied together and pulled the price down to $387 within 45 mins. However, the overall sentiment remains overtly bullish and the confluence detector shows us that they have a clear path to $425 if they can manage to get past two middling levels of resistance.
BCH/USD Daily Confluence Detector
As per the confluence detector, the resistance levels are at $406 and $407.50. The confluences at those levels are:
- $406: Hourly Bollinger band upper curve, hourly previous high, and 4-hour Bollinger band upper curve.
- $407.50: 1-Day Pivot point Resistance 2.
Support lies at $382 and it has a confluence of Previous day high and daily pivot point resistance 1.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
