BCH/USD market sees little scope of growth - Confluence Detector
- BCH/USD price sees little scope of growth with a substantial resistance level at $123.50.
- With no strong support lines present, the bulls need to rally together.
BCH/USD market sees a little scope of growth. Bulls are currently facing a strong resistance level at $123.50. Worryingly enough, the daily confluence detector shows no substantial lines of support. As of now, the price is looking to go lower, though it is currently sandwiched between tough support and resistance levels.
BCH/USD daily confluence detector
According to the BCH/USD daily confluence detector, the resistance levels are at $122 and $123.50. The $123.50 resistance level is extremely strong. The confluences at those levels are as follows:
- $122: Monthly 23.6% Fibonacci retracement level.
- $123.50: Weekly 38.2% Fibonacci retracement level and 5-day simple moving average (SMA 5).
The support levels are at $120.50, $118, and $115. The confluences at those levels are:
- $120.50: 15-min Bollinger band middle curve, 15-min previous low, SMA 10, SMA 5, and daily 23.6% Fibonacci retracement level.
- $118: Weekly 61.8% Fibonacci retracement level, 4-hour Bollinger band lower, Daily pivot point
- $115: Monthly pivot point and daily pivot point.
Key Levels
- Resistance 3: $128.7143
- Resistance 2: $125.5073
- Resistance 1: $123.2577
- Pivot Point: $120.0507
- Support 1: $117.8011
- Support 2: $114.5941
- Support 3: $112.3445
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.
