THELOGICALINDIAN - Key Points
Bitcoin banknote amount bounced aback from $1,040 adjoin the US Dollar. BCH/USD is now aback in a bullish area aloft the $1,100 axis level.
Bitcoin Cash Price Trend
After a abundant downside correction, bitcoin banknote amount begin buyers about $1,040 adjoin the US Dollar. The declared $1,040 akin was a aloft attrition beforehand and this time it acted as a support. A low was formed at $1,045 afore the amount started an upside move. It recovered aloft the $1,100 attrition and additionally bankrupt aloft the 100 alternate simple affective average.
The amount additionally succeeded in breaking the 50% Fib retracement akin of the aftermost abatement from the $1,209 aerial to $1,045 low. Moreover, there was a breach aloft a abutting bearish trend band with attrition at $1,080 on the alternate blueprint of the BCH/USD pair. The brace is now affective accurately in a absolute area aloft the $1,100 level. At the moment, the amount is accumulation abreast the 61.8% Fib retracement akin of the aftermost abatement from the $1,209 aerial to $1,045 low. There may able-bodied be a brace of beat moves in a ambit afore the amount makes the abutting move, possibly aloft $1,160.
Looking at the chart, the amount is assuming a lot of absolute signs aloft $1,100. On the upside, the abutting resistances are placed abreast $1,160, $1,180 and $1,200. Supports are at $1,120, $1,100 and 100 alternate SMA.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has confused aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied aloft the 50 level.
Major Support Level – $1,100
Major Resistance Level – $1,160
