THELOGICALINDIAN - Key Points
Bitcoin banknote amount is convalescent accurately from $950 adjoin the US Dollar. BCH/USD could balance added as continued as the amount is aloft $1,020.
Bitcoin Cash Price Support
After a major slide, bitcoin banknote amount begin abutment abreast the $950 akin adjoin the US Dollar. The amount traded as low as $947.3 area buyers appeared and prevented declines. A beginning advancement alteration was started and the amount confused aloft the $980 and $1,000 attrition levels. It alike succeeded in affective aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1,190 beat aerial to $947 low.
More importantly, this week’s acute bearish trend band with attrition at $1,040 was breached on the alternate blueprint of the BCH/USD pair. At the moment, the amount is trading aloof aloft the $1,050 akin and is assuming absolute signs. It has to achieve aloft the 50% Fib retracement akin of the aftermost abatement from the $1,190 beat aerial to $947 low to accretion momentum. On the upside, there is a strong resistance area abreast $1,080 and $1,100. A breach aloft the $1.100 attrition akin could accessible the doors for added assets in the abreast term.
Looking at the chart, the amount is boring convalescent and it could move appear $1,100 and $1,120. However, any added upsides aloft $1,100 and the 100 alternate simple affective boilerplate won’t be easy.
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 now aback aloft the 50 akin with absolute signs.
Major Support Level – $1,000
Major Resistance Level – $1,100
