THELOGICALINDIAN - Key Points
Bitcoin banknote amount has confused into the absolute area aloft $1700 adjoin the US Dollar. BCH/USD now has to move accomplished $2024 for added gains.
Bitcoin Cash Price Upside Hurdle
Yesterday, we saw the alpha of a appropriate recovery in bitcoin banknote amount from the $1340 low adjoin the US Dollar. The amount confused college and succeeded in breaking the $1700 resistance. There was additionally a breach aloft the 38.2% Fib retracement akin of the aftermost abatement from the $2405.2 aerial to $1340.9 low. The accepted amount activity is absolute aloft the $1700 level, but BCH is adverse a above hurdle on the upside.
At the moment, the 50% Fib retracement akin of the aftermost abatement from the $2405.2 aerial to $1340.9 low at $1870 is acting as a aloft hurdle. Added importantly, this week’s accent acute bearish trend band with accepted attrition at $1900 is preventing assets on the alternate blueprint of BCH/USD. Therefore, there are two aloft resistance for added gains – $1900 and $2000. The brace has to move accomplished $1900 and abutting aloft $2000 to accretion added upside momentum.
Around the mentioned $2024, the amount faces the 100 alternate simple affective average. Moreover, the 61.8% Fib retracement akin of the aftermost abatement from the $2405.2 aerial to $1340.9 low is at $2024. On the downside, an antecedent abutment is at $1700 followed by the $1500 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is aloof aloft the 50 level.
Major Support Level – $1500
Major Resistance Level – $2024
Charts address – Trading View, Kraken
