THELOGICALINDIAN - Key Points
Bitcoin banknote amount recovered accurately from the $748 low adjoin the US Dollar. BCH/USD is currently aloft $900 and is adverse resistances abreast $1,000 and $1,060.
Bitcoin Cash Price Recovery
There were further declines in bitcoin banknote amount beneath the $900 akin adjoin the US Dollar. The amount alike bankrupt the $800 akin and traded as low as $748. Later, the amount started an upside alteration and confused aloft the $800 level. It was able to move aloft the 23.6% Fib retracement akin of the abatement from the $1,160 aerial to $748 low as well.
More importantly, there was a breach aloft a bearish trend band with attrition at $890 on the alternate blueprint of BCH/USD. The brace traded aloft the $900 akin and fabricated a appropriate recovery. However, there is addition bearish trend band on the upside with attrition at $1060 on the aforementioned chart. Moreover, the amount is currently testing the 50% Fib retracement akin of the abatement from the $1,160 aerial to $748 low. It is disturbing to gain momentum aloft $950-960. It could move appear the $1,000 level, but an upside breach aloft $1,000 won’t be easy.
On the downside, the burst attrition at $900 is a support. Below $900, the amount may retest the $800 abutment akin if sellers appear aback in the action.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has aloof confused from the bearish to the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has aloof managed to move aback aloft the 50 level.
Major Support Level – $900
Major Resistance Level – $1,000
Charts address – SimpleFX
