THELOGICALINDIAN - Key Points
Bitcoin banknote amount is assuming absolute signs aloft $2500 adjoin the US Dollar. BCH/USD may accretion drive and arch college against the $2700 level.
Bitcoin Cash Price Uptrend
There was a nice recovery from the $2000 beat low in bitcoin banknote amount adjoin the US Dollar. The amount started an upside move and was able to barter aloft the 50% Fib retracement akin of the aftermost abatement from the $2946 aerial to $2000 low. However, the upside move bootless abreast the $2850 level. There was a abortion to abutting aloft the 76.4% Fib retracement akin of the aftermost abatement from the $2946 aerial to $2000 low.
There was a apathetic and abiding downside accomplished and the amount confused beneath $2600. The downside move was adequate by the $2500 support. At the moment, the amount is affective college and accepting clip aloft $2500. There was a breach aloft a abutting bearish trend band with attrition at $2525 on the alternate blueprint of BCH/USD. The brace is currently attempting a abutting aloft $2550 and the 100 alternate simple affective average. Once there is a able abutting aloft the $2550 and $2600 levels, there could be more gains.
On the downside, the $2500 akin is a appropriate support. The abutting above abutment is about the $2450-2475 levels.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloof beneath the 50 level.
Major Support Level – $2450
Major Resistance Level – $2550
Charts address – Trading View, Kraken
