THELOGICALINDIAN - Key Points
Bitcoin banknote amount is assuming absolute signs aloft $1,350 adjoin the US Dollar. BCH/USD may resume its uptrend as continued as it is aloft $1,280.
Bitcoin Cash Price Support
After a major decline, bitcoin banknote amount begin abutment abreast the $1,240 akin adjoin the US Dollar. A low was formed at $1,232 afore the amount started accumulation losses. Later, a beginning upside beachcomber started and the amount confused aloft $1,300. It additionally succeeded in clearing aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1,575 beat aerial to $1,232 low.
More importantly, there was a breach aloft a abutting bearish trend band with attrition at $1,320 on the alternate blueprint of the BCH/USD pair. It opened the doors for added assets and the amount confused aloft $1,350 and the 100 alternate simple affective average. At the moment, the brace is trading abreast the 50% Fib retracement akin of the aftermost abatement from the $1,575 beat aerial to $1,232 low. It seems like the amount is basic a abject for addition upside push aloft $1,450. The accepted abstruse anatomy is absolute aloft $1,350 and the 100 alternate SMA, suggesting an advancement move.
Looking at the chart, if the amount moves bottomward from the accepted levels, the $1,350 abutment may anticipate declines. However, the best important abutment on the downside is abreast a bullish trend band at $1,280.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently abreast the 60 level.
Major Support Level – $1,350
Major Resistance Level – $1,440
