THELOGICALINDIAN - Key Points
Bitcoin banknote amount fabricated a nice upside move aloft $700 adjoin the US Dollar. BCH/USD could abide to move aerial as continued as it is aloft $700.
Bitcoin Cash Price Support
During the accomplished two sessions, there were decent moves in bitcoin banknote amount aloft $650 adjoin the US Dollar. The BCH/USD brace traded aloft the $700 barrier to move into a absolute zone. Added importantly, there was a breach aloft the $710 attrition to set the clip for added gains. The amount traded as aerial as $731 afore it started a downside correction. It seems to be branch appear the 23.6% Fib retracement akin of the aftermost beachcomber from the $662 low to $731 aerial at $715.
Below the mentioned Fib level, there is a key bullish trend band formed with abutment abreast $712 on the alternate blueprint of the BCH/USD pair. The trend band abutment holds a lot of accent back it is aloft the $710 axis and abutment area. The abutting above abutment is abutting to the $700 handle and the 100 alternate simple affective average. It coincides with the 50% Fib retracement akin of the aftermost beachcomber from the $662 low to $731 high.
Looking at the chart, the amount charcoal in a absolute area as continued as it is aloft the $700 zone. On the upside, resistances are apparent abreast $730 and $740.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is crumbling appear the 50 level.
Major Support Level – $710
Major Resistance Level – $730
