THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback in a absolute area aloft $1,600 adjoin the US Dollar. BCH/USD charge achieve aloft $1,675 and the 100 alternate simple affective boilerplate to accretion momentum.
Bitcoin Cash Price Support
After further declines, bitcoin banknote amount was able to acquisition abutment abreast the $1,460 akin adjoin the US Dollar. The amount traded as low as $1,463 and after started an upside move. It traded college and bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $1,702 aerial to $1,463 low. It opened the doors for added assets and the amount traded aloft a few important hurdles such as $1,550 and $1,600.
More importantly, this week’s aloft bearish trend band with attrition at $1,580 was burst on the alternate blueprint of the BCH/USD pair. The brace additionally confused aloft the 50% Fib retracement akin of the aftermost abatement from the $1,702 aerial to $1,463 low. These all are positive signs back the amount is now able-bodied aloft the $1,600 level. At the moment, buyers are disturbing to abode the amount aloft $1,650 and the 100 alternate simple affective average. Moreover, the $1,675 akin is additionally a acute resistance.
Looking at the chart, it seems like a able abutting aloft the $1,650 and $1,675 attrition levels may advance the amount added higher. On the downside, the burst resistances at $1,600 and $1,565 may now act as supports.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently collapsed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied aloft the 50 level.
Major Support Level – $1,565
Major Resistance Level – $1,675
