THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring convalescent aloft $700 adjoin the US Dollar. BCH/USD may conceivably balance added appear the abutting hurdle at $740.
Bitcoin Cash Price Recovery
This accomplished week, we saw heavy declines beneath the $750 abutment in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace beneath and bankrupt the $720 and $700 abutment levels. It traded as low as $684 and after started an upside alteration aloft $700. It bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $736 aerial to $684 low. It seems like the amount confused into a concise absolute area aloft $700.
During the rise, there was a breach aloft a concise bearish trend band with attrition at $705 on the alternate blueprint of the BCH/USD pair. At the moment, the amount is trading abreast the $7220 attrition and the 100 alternate simple affective average. Moreover, the 61.8% Fib retracement akin of the aftermost abatement from the $736 aerial to $684 low is at $716. Therefore, a breach and abutting aloft the $720 attrition could accessible the doors for added gains. The abutting major hurdle on the upside is abreast the aftermost aerial at $736 and $740.
Looking at the chart, BCH amount is boring affective higher, but upsides may able-bodied be bound abreast the $735-740 zone. Aloft this, the amount could barter aloft $750 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied aloft the 55 level.
Major Support Level – $700
Major Resistance Level – $740
