THELOGICALINDIAN - Key Points
Bitcoin banknote amount is positioned accurately aloft $600 adjoin the US Dollar. BCH/USD could actual lower in the abbreviate term, but dips abide supported.
Bitcoin Cash Price Support
Recently, there was a nice upside move in bitcoin banknote amount aloft the $600 attrition adjoin the US Dollar. The BCH/USD brace traded aloft the $650 akin and acclimatized aloft the 100 alternate simple affective average. A aerial was formed at $660 and after the amount started accumulation gains. It activated the 23.6% Fib retracement akin of the aftermost beachcomber from the $549 low to $660 high.
However, it seems like buyers are arresting the $620-630 abutment area. Moreover, there is a application triangle basic with abutment abreast $630 on the alternate blueprint of the BCH/USD pair. If the amount break the triangle support, it could actual lower beneath $620 in the abreast term. The abutting above abutment is abreast the $600 level. It represents the 50% Fib retracement akin of the aftermost beachcomber from the $549 low to $660 high. Beneath this, the next important support is abreast the $580 akin and the 100 alternate simple affective average. On the added hand, if the amount break higher, it could beat the $650-660 area for added assets appear $700.
Looking at the chart, BCH amount is acceptable to actual lower appear $600 in the abreast term. Having said that, dips charcoal accurately accurate abreast $600 and $580.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still aloft the 50 level.
Major Support Level – $620
Major Resistance Level – $650
