THELOGICALINDIAN - Key Points
Bitcoin banknote amount is accepting drive aloft $540 adjoin the US Dollar. BCH/USD may actual lower, but dips abide accurate abreast $540 and $530.
Bitcoin Cash Price Supports
Yesterday, we discussed a accessible breach and decision time for bitcoin banknote amount aloft $510 adjoin the US Dollar. The BCH/USD brace acquired traction, fabricated a nice upside move aloft the $530 resistance, and climbed into a absolute zone. There was additionally a abutting aloft the $530 akin and the 100 alternate simple affective average. Additionally, there was a breach aloft the aftermost beat aerial at $545.
More importantly, yesterday’s accent key bearish trend band was breached with attrition at $527 on the alternate blueprint of the BCH/USD pair. The brace acicular aloft the $550 akin and formed a aerial abreast $555. Later, the amount started a downside alteration and traded beneath $550. There was a breach beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $515 low to $555 high. However, there are abounding abutment levels on the downside abreast $540 and $530. An average abutment is $535 and the 50% Fib retracement akin of the aftermost beachcomber from the $515 low to $555 high.
Looking at the chart, BCH amount may actual a few credibility in the abbreviate appellation appear $540 or $535. However, dips are acceptable to acquisition able bids for a animation aback aloft $550.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is acclimation lower appear the 60 level.
Major Support Level – $535
Major Resistance Level – $555
