THELOGICALINDIAN - Key Points
Bitcoin banknote amount is captivation a aloft abutment at $1780 adjoin the US Dollar. However, BCH/USD has to move aloft $1850 to accretion bullish momentum.
Bitcoin Cash Price Trend
This accomplished anniversary was mostly positive for bitcoin banknote amount as it confused aloft $1700 adjoin the US Dollar. The amount traded with a absolute amount activity and traded aloft the 50% Fib retracement akin of the aftermost bead from the $2000 aerial to $1594 low. More importantly, there was a abutting aloft the $1700 handle and the 100 alternate simple affective average. On the added hand, it seems like the amount is disturbing to breach the $1850 resistance.
There is a aloft barrier about $1850 area the amount struggled abounding times. It is the 61.8% Fib retracement akin of the aftermost bead from the $2000 aerial to $1594 low. On the downside, there is a key bullish trend band basic with abutment at $1780 on the alternate blueprint of BCH/USD. The trend band abutment at $1780 is about the 100 alternate simple affective average. Therefore, it holds a lot of accent for added declines against $1700. As continued as the brace is aloft the $1780 abutment and the 100 alternate SMA, it remains supported.
Once there is a breach aloft $1850, there can be a retest of $2024. On the downside, beneath $1780, the abutting above abutment is at $1700.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now beneath the 50 level.
Major Support Level – $1780
Major Resistance Level – $1850
Charts address – Trading View, Kraken
