THELOGICALINDIAN - Key Points
Bitcoin banknote amount managed to pop college aloft $1500 adjoin the US Dollar. BCH/USD is currently acclimation lower, but charcoal supported.
Bitcoin Cash Price Trend
There were solid assets in bitcoin banknote amount as it moved aloft the $1500 resistance adjoin the US Dollar. The upside move was able and the amount was alike able to move aloft the $1600 and $1700 levels. A new intraday aerial was formed at $1746 from area a accessory alteration was initiated. The amount has confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $1460 low to $1746 high. However, there are abounding supports on the downside such as $1600 and $1580.
The best one is a new abutting bullish trend band basic with abutment at $1600 on the alternate blueprint of BCH/USD. The trend band abutment is positioned about the 50% Fib retracement akin of the aftermost beachcomber from the $1460 low to $1746 high. Therefore, the $1600 abutment is acceptable to act as a able buy area and a barrier for sellers. Only a abutting beneath $1580 would alarm for a analysis of the antecedent attrition (now support) at $1500.
On the upside, the amount ability retest the contempo beat aerial of $1746. If buyers abide in action, there is alike a adventitious of BCH testing the $1800 akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed able-bodied in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently acclimation lower.
Major Support Level – $1600
Major Resistance Level – $1745
Charts address – Trading View, Kraken
