THELOGICALINDIAN - Key Points
Bitcoin banknote amount recovered accurately from the $410 low adjoin the US Dollar. BCH/USD is acceptable to balance added appear the $480 and $500 levels.
Bitcoin Cash Price Recovery
Yesterday, we discussed how bitcoin banknote amount is disturbing to breach the $440 and $450 resistances adjoin the US Dollar. Later, the BCH/USD brace managed to accretion absorption and confused aloft the $450 resistance. The upside move was able as the amount bankrupt the 61.8% Fib retracement akin of the aftermost accelerate from the $478 aerial to $410 low. The amount alike acclimatized aloft $450 and the 100 alternate simple affective average.
More importantly, there was a breach aloft this week’s followed key bearish trend band abreast $445 on the alternate blueprint of the BCH/USD pair. The brace traded as aerial as $475 and it is currently acclimation lower. It already activated the 23.6% Fib retracement akin of the contempo beachcomber from the $410 low to $475 high. On the downside, there are abounding supports about the $450 level. The declared $450 akin was a attrition beforehand and now it could provide support forth with the 100 alternate SMA. Below $450, the 50% Fib retracement akin of the contempo beachcomber from the $410 low to $475 aerial is at $443.
Looking at the chart, BCH amount is placed accurately aloft the $445-450 area and it could abide to move college appear $480-500.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is positioned accurately aloft the 60 level.
Major Support Level – $450
Major Resistance Level – $480
