THELOGICALINDIAN - Key Points
Bitcoin banknote amount is accepting drive aloft $2500 adjoin the US Dollar. BCH/USD ability abide to move college afterwards a accessory alteration from $2740.
Bitcoin Cash Price Support
There was a steady rise accomplished in bitcoin banknote amount from the $2180 beat low adjoin the US Dollar. The amount was able to move aloft the $2200 and $2300 attrition levels. There was alike a breach aloft the 50% Fib retracement akin of the aftermost bead from the $2900 aerial to $2147 low. Therefore, it seems like the amount is basic a abiding bullish bent aloft the $2200 level.
There was additionally a breach aloft a key application triangle with attrition at $2500 on the alternate blueprint of BCH/USD. It opened the doors for added assets aloft $2500. The brace traded aloft the $2700 akin and formed a aerial at $2738. Later, a downside alteration was accomplished and the amount confused beneath the $2700 level. It is currently trading abreast the 38.2% Fib retracement akin of the aftermost beachcomber from the $2210 low to $2738 high. Moreover, the same burst resistance at $2500 is now acting as a support.
Overall, the amount charcoal in a bullish trend aloft $2500 and it will best acceptable abide higher. On the downside, the abutting above abutment is about the $2475 level. It is abreast the 50% Fib retracement akin of the aftermost beachcomber from the $2210 low to $2738 high.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective lower appear the 50 level.
Major Support Level – $2475
Major Resistance Level – $2700
Charts address – Trading View, Kraken
