THELOGICALINDIAN - Key Points
Bitcoin banknote amount is captivation assets aloft $740 adjoin the US Dollar. BCH/USD has to move aloft the $780 and $800 resistances to accretion upside momentum.
Bitcoin Cash Price Support
There was an extended decline in bitcoin banknote amount beneath the $780 abutment adjoin the US Dollar. The BCH/USD brace traded beneath the $750 abutment and alike acicular beneath the $740 support. A low was formed abreast the $735 akin and the amount recovered from losses. It confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $828 aerial to $735 low.
More importantly, it acclimatized aloft the $740 abutment and the 100 alternate simple affective average. There was additionally a fasten aloft the 61.8% Fib retracement akin of the aftermost abatement from the $828 aerial to $735 low. However, the amount bootless to authority assets aloft the $800 akin and beneath already again. It is currently trading a few credibility aloft the $760 support and the 100 alternate SMA. There is additionally a new abutting bullish trend band formed with abutment at $742 on the alternate blueprint of the BCH/USD pair. Therefore, the amount charcoal accurate aloft the $740-750 abutment zone.
Looking at the chart, the amount is disturbing to beat the $800 barrier, aloft which, the amount may retest $828. On the downside, a breach and abutting beneath the $740 abutment may conceivably burn added declines appear the $700 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is aloof aloft the 50 level.
Major Support Level – $740
Major Resistance Level – $800
