Bitcoin Cash Price Technical Analysis – BCH/USD Resumes Trend

THELOGICALINDIAN - Key Points

Bitcoin banknote amount is trading with an absorbing bent adjoin the US Dollar. BCH/USD is now set for addition upside move in the abreast term.

Bitcoin Cash Price Analysis

Recently, we saw the bearing of Bitcoin cash, and its amount climbed college boring and abiding adjoin the US Dollar and Bitcoin. The upside move was such that the amount confused accomplished $400, $500 and alike $750. A aerial was formed aloft $800 afore able offers were presented. Later, the amount confused down, and there was a breach beneath the $500 abutment area.

There was alike a breach beneath a aloft bullish trend band at $460 on the alternate blueprint of BCH/USD. The brace traded as low as $303.33 area it begin abutment and currently affective higher. It is currently trading abreast the 38.2% Fib retracement akin of the aftermost abatement from the $810.00 aerial to $303.33 low. However, the best important resistance is aloft $500.

The 50% Fib retracement akin of the aftermost abatement from the $810.00 aerial to $303.33 low at $558 is a aloft hurdle. So, if the amount continues to move higher, it ability attempt about $558. If there is a breach aloft $560, there are aerial affairs of BCH affective aback appear $750 or alike higher. On the downside, the $400 and $350 levels are appropriate supports.

Looking at the abstruse indicators:

Hourly MACD – The MACD for BCH/USD is currently bullish, but not accepting pace.

Hourly RSI (Relative Strength Index) – The RSI is currently aloof aloft the 50 level, signaling gains.

Major Support Level – $400

Major Resistance Level – $560

Charts address – Trading View, Kraken