THELOGICALINDIAN - Key Points
Bitcoin banknote amount is acclimation lower adjoin the US Dollar. BCH/USD is currently abutting an important abutment breadth abreast the $820-830 levels.
Bitcoin Cash Price Support
Yesterday, we saw a decent advancement move aloft the $750 akin in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace alike bankrupt the $870 akin and traded abutting to the $880 level. A aerial was formed abreast $878 afore the amount started a downside correction. The amount beneath and traded beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $771 low to $878 high.
However, the amount begin abutment abreast a above axis breadth at $820. More importantly, there is a key abutting bullish trend band formed with abutment at $830 on the alternate blueprint of the BCH/USD pair. The 50% Fib retracement akin of the aftermost beachcomber from the $771 low to $878 aerial is additionally about $825. Lastly, the 100 alternate simple affective boilerplate is positioned abreast the $820 level. Therefore, the $820-830 abutment area holds a lot of importance in the abbreviate term. Below this, the amount may conceivably abatement added appear the $790 level.
Looking at the chart, the amount is award able affairs absorption aloft the $820 level. If the amount continues to break aloft $820, it could animation aback aloft the $850 level. Aloft this last, BCH may retest the $878 high.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloof beneath the 50 level.
Major Support Level – $820
Major Resistance Level – $850
