THELOGICALINDIAN - Key Points
Bitcoin banknote amount is accumulation in a ambit adjoin the US Dollar. BCH/USD is acceptable to appointment the $600 abutment afore it climbs aback aloft $650.
Bitcoin Cash Price Range Support
During the accomplished three sessions, there were mostly ambit moves beneath the $650 akin in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace adapted lower afterwards trading as aerial as $660. It confused bottomward and bankrupt the 50% Fib retracement akin of the aftermost leg from the $600 low to $660 high. There was alike a fasten beneath the $620 abutment level, but after the amount recovered.
It seems like the 76.4% Fib retracement akin of the aftermost leg from the $600 low to $660 aerial acted as a abutment abreast $615. The amount recovered and started trading in a ambit aloft $620. Added importantly, there is a new application triangle formed with support abreast $620 on the alternate blueprint of the BCH/USD pair. If the amount fails to break aloft the $620 support, there could be added losses appear the $600 support. Below this last, the amount may conceivably barter appear the $590 akin and the 100 alternate simple affective average.
Looking at the chart, BCH amount is placed accurately in an uptrend aloft the $600 level. On the upside, buyers charge to bright the triangle attrition at $650 to advance the amount aloft the $660 high.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly collapsed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed aloft the 50 level.
Major Support Level – $620
Major Resistance Level – $650
