THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback beneath $350 adjoin the US Dollar. BCH/USD ability already afresh analysis the $310-320 abutment area in the abreast term.
Bitcoin Cash Price Support
After a strong rise appear $400, Bitcoin banknote amount faced abundant affairs burden adjoin the US Dollar and declined. The amount traded lower and bankrupt abounding supports levels including $350. There was a breach and abutting beneath the 50% Fib retracement akin of the aftermost beachcomber from the $306 low to $400 high. It opened the doors for added losses beneath $350. The downside move was such that the amount alike bootless to authority the $325 abutment area.
It traded appear the $300 and formed a low at $306.2. It already afresh bounced back, but upsides were bound by the 50% Fib retracement akin of the aftermost abatement from the $400 aerial to $306 low. The amount is disturbing to achieve aloft the $350 akin and charcoal at a accident of added losses. On the downside, there is a above bullish trend band with abutment at $310 basic on the alternate blueprint of BCH/USD. It prevented declines afresh abreast $306 and ability abide to prevent a abutting beneath $300.
As continued as the amount is aloft $300, it charcoal supported. On the downside, the capital hurdle for buyers is now at $350. In the abbreviate term, there can be alignment moves afore the amount makes an upside attack aloft $350.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now beneath the 50 level.
Major Support Level – $310
Major Resistance Level – $350
Charts address – Trading View, Kraken
