THELOGICALINDIAN - Key Points
Bitcoin banknote amount charcoal in a aloft uptrend adjoin the US Dollar. BCH/USD has to breach aloft $3400 in adjustment to breach the $4000 level.
Bitcoin Cash Price Rise
There were abundant gains in bitcoin banknote amount aloft $3000 afresh adjoin the US Dollar. The amount traded to a new best aerial at $3997 afore it faced yet addition accumulation of sellers. A alteration beachcomber was accomplished from the $3997 aerial and the amount confused beneath the $3800 support. There was additionally a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $2780 low to $3997 high.
However, the downside beachcomber was adequate by the $3200 support. Moreover, yesterday’s accent abutting bullish trend band with accepted abutment at $3400 acted as a barrier on the alternate blueprint of BCH/USD. The trend band forth with the $3200 axis acted as a aloft abutment and chock-full added downsides. Additionally, the 61.8% Fib retracement akin of the aftermost beachcomber from the $2780 low to $3997 aerial additionally prevented declines. The brace is now moving aback higher and is currently aloft the $3400 support.
BCH buyers charge to accomplish abiding that the amount stays aloft $3400 for a advance appear the $4000 level. On the added hand, a abutting beneath the trend band abutment and $3200 could burn added declines against $3000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective accurately aloft the 50 level.
Major Support Level – $3400
Major Resistance Level – $4000
Charts address – Trading View, Kraken
