THELOGICALINDIAN - Key Points
Bitcoin banknote amount is convalescent from the $1340 beat low adjoin the US Dollar. BCH/USD is still beneath a above attrition breadth at $2024.
Bitcoin Cash Price Recovery
During the past three days, we saw a aloft abatement in bitcoin banknote amount beneath the $2000 akin adjoin the US Dollar. The amount fell acutely and it alike bankrupt the $1500 support. It traded abutting to the $1300 akin and formed a low at $1340. Later, a appropriate upside accretion was accomplished and the amount confused aloft the $1500 level. There was a abutting aloft the 23.6% Fib retracement akin of the aftermost abatement from the $2400 aerial to $1340 low.
It is a absolute sign, but the amount still faces abounding resistances on the upside about $2000. More importantly, this week’s accent above bearish trend band with current resistance at $2000 is still in abode on the alternate blueprint of BCH/USD. The brace may actual further. But it won’t be accessible for buyers to breach the $2000 level. At the moment, the amount is trading abreast the 50% Fib retracement akin of the aftermost abatement from the $2400 aerial to $1340 low at $1870.
A advance aloft $1870 will best acceptable alarm for a analysis of the $2024 resistance. On the downside, supports are apparent abreast the $1600 and $1500 levels.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has confused aloft the 50 level.
Major Support Level – $1600
Major Resistance Level – $2024
Charts address – Trading View, Kraken
