THELOGICALINDIAN - Key Points
Bitcoin banknote amount is trading aloft the contempo low adjoin the US Dollar. BCH/USD is acceptable to balance a few credibility appear $500 in the abreast term.
Bitcoin Cash Price Support
Yesterday, there was a minor recovery accomplished from the $460 abutment in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace confused aloft the $475 and $480 levels. However, the upside move was capped by the $490 attrition zone. Moreover, the amount additionally bootless to breach the 50% Fib retracement akin of the aftermost accelerate from the $525 aerial to $460 beat low.
Later, the amount beneath aback appear the $460 abutment area area buyers reemerged. There was a beginning advancement move from the $459 low and the amount climbed aloft $470. The amount additionally succeeded in allowance the 23.6% Fib retracement akin of the contempo bead abatement from the $492 aerial to $459 low. However, the amount is currently disturbing to bright the $475 resistance. Additionally, yesterday’s accent key bearish trend band is still alive with attrition abreast $475 on the alternate blueprint of the BCH/USD pair. It seems like the amount may bright the $475 and $480 attrition levels to climb further in the abreast term.
Looking at the chart, BCH amount could move a few credibility higher, but it is acceptable to face a able affairs absorption abreast the $490 and $500 attrition levels. On the downside, a breach beneath $460 may advance the amount appear $450.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is aloft the 50 level.
Major Support Level – $460
Major Resistance Level – $500
