THELOGICALINDIAN - Key Points
Bitcoin banknote amount is assuming a few absolute signs aloft $1,250 adjoin the US Dollar. BCH/USD is currently acclimation lower and it charcoal accurate aloft $1,240.
Bitcoin Cash Price Support
After forming a base about the $1,150 level, bitcoin banknote amount started an upside accretion adjoin the US Dollar. The amount traded college and it managed to move aloft the $1,200 and $1,240 attrition levels. The upside move was actual absolute back the amount bankrupt aloft the $1,250 attrition and the 100 alternate simple affective average. It alike acicular aloft the $1,300 akin afore starting a downside correction.
A aerial was formed at $1,315 and the amount adapted beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $1,165 low to $1,315 high. However, there are a few key supports on the downside abreast $1,250. At the moment, a key bullish trend band with abutment at $1,255 on the alternate blueprint of the BCH/USD brace is adequate losses. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $1,165 low to $1,315 aerial is placed abreast the $1,240 akin to prevent declines.
Looking at the chart, the amount is acceptable to breach the trend band abutment at $1,255. However, there are aerial affairs that the amount could acquisition a able abutment abreast $1,240. On the upside, a abutting aloft $1,300 will best acceptable advance gains.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently captivation able-bodied aloft the 50 level.
Major Support Level – $1,240
Major Resistance Level – $1,300
