THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback in a bullish area aloft $950 adjoin the US Dollar. BCH/USD has to accumulate clip aloft $1,040 for added assets in the abreast term.
Bitcoin Cash Price Trend
There was a decent support formed about the $870 akin in bitcoin banknote amount adjoin the US Dollar. The amount started a solid upside move and traded aloft the $900 attrition level. It opened the doors for added assets and the amount bankrupt the 50% Fib retracement akin of the aftermost abatement from the $1,010 aerial to $870 low. During the upside move, the amount additionally managed to bright a above barrier abreast $950.
A breach aloft the declared $950 resistance is a absolute assurance for buyers. More importantly, there was a breach aloft a aloft bearish trend band with attrition at $960 on the alternate blueprint of the BCH/USD pair. The brace is now placed accurately aloft the $960 akin and the 100 alternate simple affective average. The contempo aerial was about $1,030 and the amount is currently accumulation gains. On the downside, an antecedent abutment is abreast the 23.6% Fib retracement akin of the aftermost beachcomber from the $970 low to $1,030 high.
Looking at the chart, the antecedent attrition abreast $950 is acceptable to act as a able support. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $970 low to $1,030 aerial is abreast $950 to accommodate support.
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 is currently abreast the 65 level.
Major Support Level – $950
Major Resistance Level – $1,040
