THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback in the bullish area aloft $2500 adjoin the US Dollar. BCH/USD fabricated a nice upside move and is currently aloft the $2700 level.
Bitcoin Cash Price Trend
During the accomplished three days, we saw a consolidation pattern in bitcoin banknote amount aloft $2280 breadth adjoin the US Dollar. The amount struggled to move aloft the $2450 and $2500 attrition levels. However, the accomplished two sessions were positive, as the amount confused aloft the $2450 resistance. It additionally succeeded in breaking the 76.4% Fib retracement akin of the aftermost abatement from the $2750 aerial to $2250 low.
During the upside move, there was a breach aloft two bearish trend curve with attrition at $2440 on the alternate blueprint of BCH/USD. It opened the doors for added assets and the brace confused aloft the $2700 level. The upside move was able and a aerial was formed at $2953. At the moment, the amount is acclimation lower against $2700. It has already breached the 23.6% Fib retracement akin of the aftermost beachcomber from the $2231 low to $2953 high. However, the downside move was adequate by the $2600 abutment area.
Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $2231 low to $2953 aerial additionally acted as a support. The brace is now resuming its uptrend and it may anon breach the $2800 akin already again.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has hardly bargain its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently accurately placed aloft the 50 level.
Major Support Level – $2500
Major Resistance Level – $2800
Charts address – Trading View, Kraken
