THELOGICALINDIAN - Key Points
Bitcoin banknote amount rallied aloft the $1,200 attrition adjoin the US Dollar. BCH/USD is currently acclimation lower, but it charcoal accurate on the downside.
Bitcoin Cash Price Rally
There were as a good bullish structure formed aloft $900 in bitcoin banknote amount bygone adjoin the US Dollar. The amount started a aciculate upside move and bankrupt a few important resistances, starting with $985. More importantly, the amount was able to move aloft the $1,000 attrition and acclimatized aloft the 100 alternate simple affective average.
It opened the doors for added assets aloft the $1,100 level. During the upside move, yesterday’s accent aloft abutting bearish trend band with attrition at $990 was burst on the alternate blueprint of BCH/USD. The brace surged aloft the $1,200 attrition and it alike climbed aloft $1,300. A aerial was formed abreast $1,344 from area the price started a downside correction. It has confused beneath the 23.6% Fib retracement akin of the beachcomber from the $934 low to $1,344 high.
However, there are abounding supports on the downside such as $1,120 and $1,000. The 50% Fib retracement akin of the beachcomber from the $934 low to $1,344 aerial is at $1,139 to anticipate declines. Overall, if the amount corrects lower added from the accepted levels, it is acceptable to acquisition abutment at $1,120 and $1,000. On the upside, the amount is adverse hurdles abreast $1,300 and $1,340.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly abbreviation its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective lower appear the 50 level.
Major Support Level – $1,120
Major Resistance Level – $1,300
Charts address – SimpleFX
