Bitcoin Cash Price Technical Analysis – BCH/USD Surges Higher

THELOGICALINDIAN - Key Points

Bitcoin banknote amount surged college by added than $200 adjoin the US Dollar. BCH/USD is currently trading beneath $500 and charcoal buy on dips.

Bitcoin Cash Price Break Shackles

During the accomplished few days, we saw a consolidation beneath the $300 akin in Bitcoin banknote amount adjoin the US Dollar. The amount afterwards accumulation for a continued time acquired abundant bids and fabricated a solid upside move aloft $300. During the upside move, it bankrupt abounding hurdles like $350 and $400. Yesterday’s accent above bottomward approach arrangement with attrition at $301 on the alternate blueprint of BCH/USD was breached.

The best important breach was aloft a acute bearish trend band at $300 on the aforementioned chart. It austere the bearish bent and set the aisle for added assets aloft $400. The amount fabricated a solid uptrend and traded college by added than $200. A aerial was formed at $519.31 area sellers appeared. It seems like there is a slight alteration accessible appear $460-450 in the abreast term.

An antecedent abutment is about the 23.6% Fib retracement akin of the aftermost beachcomber from the $290 low to $519 high. Any added downside would be bound by $440, which is additionally about the 38.2% Fib retracement akin of the aftermost beachcomber from the $290 low to $519 high. Buying dips in the abbreviate appellation appear $460-440 ability be considered.

Looking at the abstruse indicators:

Hourly MACD – The MACD for BCH/USD confused acutely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is placed able-bodied in the overbought levels.

Major Support Level – $440

Major Resistance Level – $520

Charts address – Trading View, Kraken