THELOGICALINDIAN - Key Points
Bitcoin banknote amount jumped acutely appear $800 adjoin the US Dollar. BCH/USD is accepting bullish momentum, which could advance it appear $850.
Bitcoin Cash Price Trend
There was a sharp upside move in bitcoin banknote amount from the $715 beat low adjoin the US Dollar. The BCH/USD brace adapted a few credibility bygone and activated the $710-715 abutment zone. Moreover, the 23.6% Fib retracement akin of the aftermost leg from the $660 beat low to $730 aerial was tested. The amount completed a downside alteration abreast $715 and started a solid advancement move.
It jumped aloft the $750, $760 and $780 attrition levels to annals solid gains. There was alike a breach aloft the $800 akin and the amount formed a aerial at $809. At the moment, the amount is accumulation assets abreast $800. An antecedent abutment sits abreast the 23.6% Fib retracement akin of the aftermost beachcomber from the $715 low to $809 high. Furthermore, there is a concise bullish trend line basic with abutment abreast $788 on the alternate blueprint of the BCH/USD. Therefore, if the amount corrects lower, it is acceptable to acquisition abutment abreast the $780-790 zone.
Looking at the chart, the amount is aback in a aloft uptrend aloft $760. It seems like buyers may accretion absorption for added upsides aloft the contempo aerial at $809. The abutting hurdle for buyers is about the $850 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently in the overbought zone.
Major Support Level – $780
Major Resistance Level – $810
