THELOGICALINDIAN - Key Points
Bitcoin banknote amount rocketed college and bankrupt the $850 barrier adjoin the US Dollar. BCH/USD charcoal in a above uptrend and it could analysis $900.
Bitcoin Cash Price Uptrend
Yesterday, we saw a sharp rally aloft the $800 akin in bitcoin banknote amount adjoin the US Dollar. Later, the BCH/USD brace adapted lower and activated the $780 abutment area, which acted as a buy zone. As a result, there was a beginning advancement move and the amount bankrupt the $810 and $850 attrition levels. The upside move was able as the amount traded appear the $875 akin and formed a aerial at $876.
At the moment, the amount is accumulation assets beneath $875. An antecedent abutment is abreast the 23.6% Fib retracement akin of the aftermost beachcomber from the $780 low to $876 high. More importantly, yesterday’s accent key bullish trend band is complete with abutment abreast $810 on the alternate blueprint of the BCH/USD pair. The trend band abutment and $800 holds a lot of acceptation back they were attrition zones earlier. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $780 low to $876 aerial is positioned abreast the $829 akin to prevent declines.
Looking at the chart, the amount placed in a solid uptrend and it seems like it could breach the $876 high. Above this, there are aerial affairs of it affective appear the $900 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently abbreviation its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed in the overbought zone.
Major Support Level – $829
Major Resistance Level – $876
