THELOGICALINDIAN - Key Points
Bitcoin banknote amount is captivation the $700 abutment adjoin the US Dollar. BCH/USD charge accretion drive aloft $750 to revisit the $800 attrition area in the abreast term.
Bitcoin Cash Price Trend
There was a appropriate upside move aloft the $700 attrition in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace traded aloft the $760 attrition and about activated the $800 level. A aerial was formed at $784 afore the amount started accumulation gains. It adapted lower and confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $649 low to $784 high.
However, the abatement was adequate by the $720 support zone. More importantly, the 50% Fib retracement akin of the aftermost beachcomber from the $649 low to $784 aerial acted as a able support. At the moment, it seems like there is a new crumbling approach formed with attrition abreast $740 on the alternate blueprint of the BCH/USD pair. The brace is currently attempting an upside breach aloft the $740 resistance. BCH buyers charge bright the $740 and $750 attrition levels to booty the amount appear $800 in the abreast term.
Looking at the chart, the amount is placed accurately in a bullish area aloft $700. An antecedent abutment is at $720, beneath which the amount could retest the $700 support. Any added declines may conceivably advance the amount aback in a bearish area appear $650.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently collapsed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now aloft the 50 level.
Major Support Level – $700
Major Resistance Level – $750
