THELOGICALINDIAN - Key Points
Bitcoin banknote amount is accepting upside drive aloft $1650 adjoin the US Dollar. BCH/USD is acceptable to accretion further, but for that it has to achieve aloft $1700.
Bitcoin Cash Price Trend
There was a minor bounce in bitcoin banknote amount from the $1550 beat low adjoin the US Dollar. The amount acquired absorption and it was able to move aloft the $1600 and $1650 attrition levels. The upside move was absolute with a breach aloft the $1700 level. A aerial was formed abreast $1756 from area a downside alteration was initiated. BCH confused beneath the 23.6% Fib retracement akin of the aftermost leg up from the $1556 low to $1756 high.
At the moment, it seems like there is a new ascendance channel basic with abutment at $1660 on the alternate blueprint of BCH/USD. The brace is currently testing the 38.2% Fib retracement akin of the aftermost leg up from the $1556 low to $1756 high. Below the approach support, the 100 alternate simple affective boilerplate at $1640. It additionally coincides with the 50% Fib retracement akin of the aftermost leg up from the $1556 low to $1756 high. Therefore, the $1640-1650 abutment breadth holds a lot of accent in the abreast term.
On the upside, the amount may anon breach $1700 one added time to claiming the $1750 beat high.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloof beneath the 50 level.
Major Support Level – $1650
Major Resistance Level – $1750
Charts address – Trading View, Kraken
