THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to breach the $775 attrition adjoin the US Dollar. BCH/USD may barter in a ambit afore authoritative an attack to breach $770-780.
Bitcoin Cash Price Upside Hurdle
There was a minor upside move aloft the $700 akin in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace managed to move aloft the $750 attrition area and traded with a few bullish moves. There was a breach aloft the 38.2% Fib retracement akin of the aftermost bead from the $904 aerial to $665 beat low. However, the amount faced a able attrition area abreast $770-780, which prevented added gains.
More importantly, yesterday’s accent acute bearish trend band in complete with attrition at $760 on the alternate blueprint of the BCH/USD pair. The 50% Fib retracement akin of the last drop from the $904 aerial to $665 beat low is additionally acting as a resistance. Additionally, the 100 alternate simple affective boilerplate is positioned with the trend band and attrition abreast $760. Therefore, it seems like the amount has to move aloft the $760, $770 and $775 attrition levels to balance added in the abreast term.
Looking at the chart, the amount may conceivably barter in a ambit beneath $780 for a few sessions. If there is a breach aloft $775 and $780, there could be a nice alluvion aloft the $800 level.
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 currently aloof beneath the 50 level.
Major Support Level – $720
Major Resistance Level – $775
