THELOGICALINDIAN - Key Points
Bitcoin banknote amount is trading in a ambit aloft $2280 adjoin the US Dollar. BCH/USD could accretion absorption in the abreast term, but it has to breach $2460.
Bitcoin Cash Price Support
There was a start to a new a concise consolidation appearance in bitcoin banknote amount aloft $2200 breadth adjoin the US Dollar. The amount was apparent affective college a few credibility against the $2400 level, but it struggled to accretion momentum. It seems like the 38.2% Fib retracement akin of the aftermost bead from the $2730 aerial to $2250 low prevented assets and an upside break.
More importantly, yesterday’s accent abutting bearish trend band with accepted attrition at $2430 is complete on the alternate blueprint of BCH/USD. The brace was apparent continuously offered about the $2450 attrition and the 100 alternate simple affective average. There was additionally a fasten appear the 50% Fib retracement akin of the last drop from the $2730 aerial to $2250 low. However, there was no upside breach and abutting aloft the $2450-60 attrition levels.
The brace has to move aloft the mentioned $2450-60 attrition breadth to accretion traction. Once BCH moves aback in the bullish area aloft $2460, it could attack a run appear the $2700 level. On the downside, the best important ambit abutment is about $2260-80, which charge authority to accommodate losses.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is disturbing to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied beneath the 50 level.
Major Support Level – $2280
Major Resistance Level – $2460
Charts address – Trading View, Kraken
