Rajarshi Mitra
Independent Analyst
- BCH/USD is currently trending at around $417.
- The confluence detector shows three healthy resistance levels.
Bitcoin Cash (BCH/USD) has had a bullish start to the day and is trending around $417. The bulls will want to take the price back into the $450 zone, however, they face three significant resistance level which may hamper their growth.
BCH/USD daily confluence detector
The three resistance levels are at $422, $427 and $441. The $422 level has 15-min previous high, monthly Fibonacci 38.2% retracement level and daily Fibonacci 61.8% retracement level. The strongest resistance level is at $427 which has 1-day pivot point resistance 1 and the hourly Bollinger band upper curve. Finally, the $441 level has the 1-week pivot point resistance 1 and the daily Fibonacci 161.8% retracement level.
The confluence detector has two support levels at $410.50 and $400. The $410.50 level has the 10-day simple moving average (SMA 10 curve) and hourly Bollinger band lower curve. The $400-level is the strongest support level in the confluence detector and it has the monthly Fibonacci 23.6%, 1-day pivot point support 2 and 4-hour Bollinger band lower curve.
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