THELOGICALINDIAN - Key Points
Bitcoin banknote amount fabricated a appropriate upside move aloft $1500 adjoin the US Dollar. BCH/USD is aback in activity and it ability abide to move higher.
Bitcoin Cash Price Support
There was a decent upside reaction in bitcoin banknote amount as it managed to move aloft the $1450 attrition adjoin the US Dollar. The amount bankrupt a few important hurdles and alike surpassed all offers abreast the $1500 handle to move aback in the bullish zone. A aerial was formed at $1586 and the amount is now placed able-bodied aloft the 100 alternate simple affective average. At the moment, the amount is acclimation lower with antecedent abutment about the 23.6% Fib retracement akin of the aftermost beachcomber from the $1205 low to $1586 high.
On the downside, there is a above bullish trend band basic with abutment at $1500 on the alternate blueprint of BCH/USD. The aforementioned trend band is abreast the mentioned 23.6% Fib level. Below the $1500 support, the $1460-1450 abutment area ability appear into the account as a buy zone. However, the best important abutment is now about the $1400 level. The mentioned $1400 abutment is the 50% Fib retracement akin of the aftermost beachcomber from the $1205 low to $1586 high.
On the upside, a breach aloft the $1585 attrition would accessible the doors for added assets aloft $1600 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accurately placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective lower, but it is able-bodied aloft the 50 level.
Major Support Level – $1450
Major Resistance Level – $1600
Charts address – Trading View, Kraken
