THELOGICALINDIAN - Bitcoin banknote amount rallied over 8 and it bankrupt the 250 and 260 attrition levels adjoin the US Dollar BCH is acceptable to abide college aloft the 300 barrier
Bitcoin Cash Price Gaining Bullish Momentum
In the accomplished few days, there was a able access in bitcoin and bitcoin banknote amount aloft $10,000 and $250 respectively. BCH alike traded aloft the capital $260 axis akin and the 100 simple affective boilerplate (4-hours).
Finally, there was a breach aloft the $280 resistance. The amount traded abutting to the $300 akin and it traded to a new account aerial at $297. It is currently accumulation assets abreast the $290 level, and testing the 23.6% Fib retracement akin of the contempo assemblage from the $265 beat low to $297 high.
It seems like there is a concise contacting triangle basic with attrition abreast $295 on the 4-hours blueprint of the BCH/USD pair. Below the triangle support, there is a above abutment basic abreast $280.
The 50% Fib retracement akin of the contempo assemblage from the $265 beat low to $297 aerial ability additionally act as a able support. On the upside, the amount is adverse hurdles abreast $295 and $300.
A acknowledged breach aloft the triangle attrition and again $300 could accessible the doors for a beyond increase. In the mentioned case, the amount ability assemblage appear the $320 akin in the abreast term.
Dips Supported in BCH?
If bitcoin banknote amount starts a downside correction, the $280 akin is acceptable to accommodate support. Any added losses could advance the amount appear the $275 akin in the abreast term.
There is additionally a acute bullish trend band basic with abutment abreast $270, beneath which the may possibly abatement appear the 100 simple affective boilerplate (4-hours) or $250.
Technical indicators
Hourly MACD – The MACD for BCH/USD is currently accepting clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently ascent and in the overbought zone.
Key Support Levels – $285 and $280.
Key Resistance Levels – $295 and $300.
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