THELOGICALINDIAN - Key Points
Bitcoin banknote amount is positioned accurately aloft the $780 akin adjoin the US Dollar. BCH/USD is acceptable to advance college appear the $850 and $880 levels.
Bitcoin Cash Price Trend
After a aloft downside move, bitcoin banknote amount begin buying interest abreast the $740 and $750 levels adjoin the US Dollar. The BCH/USD brace started an advancement move and bankrupt the $780 resistance. The amount additionally bankrupt the 23.6% Fib retracement akin of the aftermost bead from the $890 aerial to $740 beat low. It opened the doors for added assets and the amount traded aloft the $800 attrition and the 100 alternate simple affective average.
More importantly, there was a breach aloft a key bearish trend band with attrition at $790 on the alternate blueprint of the BCH/USD pair. The brace is currently attempting a abutting aloft the $820 resistance. Moreover, the 50% Fib retracement akin of the last drop from the $890 aerial to $740 beat low is at $815. Therefore, already there is a abutting aloft the $815-820 resistance, the amount may conceivably advance assets appear $850 and $860. Aloft this last, the amount could alike analysis the $890 aerial in the abreast term.
Looking at the chart, the amount is boring accepting drive aloft the $800 level. The amount may abatement a few credibility in the abbreviate term, but it charcoal accurate abreast the $800 and $780 levels.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is assuming absolute signs in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied aloft the 55 level.
Major Support Level – $780
Major Resistance Level – $850
