THELOGICALINDIAN - Key Points
· Bitcoin banknote amount recovered further, but it bootless to move aloft the $540 attrition breadth adjoin the US Dollar.
· There is an accretion triangle basic with accepted abutment at $492 on the alternate blueprint of the BCH/USD brace (data augment from Kraken).
· The brace could animation aback already again, but it has to breach the $530-540 attrition area for added gains.
Bitcoin banknote amount bootless abreast a key attrition at $540 adjoin the US Dollar. BCH/USD has to beat the 100 alternate SMA to accretion bullish momentum.
Bitcoin Cash Price Upside Hurdle
Yesterday, there was a decent recovery in bitcoin banknote amount aloft the $500 attrition adjoin the US Dollar. The BCH/USD brace confused college and bankrupt the $510 and $5220 attrition levels. There was alike a fasten aloft the 50% Fib retracement akin of the aftermost bead from the $595 aerial to $473 low. However, the amount bootless abreast a key attrition at $540 and the 100 alternate simple affective average.
It started accent assets and confused beneath the $525 level. It additionally bankrupt the 38.2% Fib retracement akin of the aftermost beachcomber from the $473 beat low to $541 high. At the moment, the amount is trading abreast the $500-505 abutment area. There is additionally an accretion triangle basic with accepted abutment at $492 on the alternate blueprint of the BCH/USD pair. More importantly, the 50% Fib retracement akin of the aftermost beachcomber from the $473 beat low to $541 aerial is acting as a abutment abreast $506. As continued as the amount is aloft the triangle abutment and $490, it could animation already again.
Looking at the chart, BCH amount attempted a nice recovery, but bootless to bright offers abreast $540. On the downside, supports are apparent at $500, $492, $490 and $480.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloof beneath the 50 level.
Major Support Level – $492
Major Resistance Level – $540
