THELOGICALINDIAN - Key Points
Bitcoin banknote amount is trading in a ambit aloft $720 adjoin the US Dollar. BCH/USD is best acceptable to extend assets in the abreast appellation aloft $790-800.
Bitcoin Cash Price Support
Recently, there was a sharp downside reaction from the $788 aerial in bitcoin banknote amount adjoin the US Dollar. It seems like it was a apocryphal breach as the amount recovered aback aloft $740. The $720 abutment area acted as a able abutment and the amount animation aback aloft the 50% Fib retracement akin of the aftermost abatement from the $788 aerial to $724 low.
The amount additionally confused aback aloft the $750 akin and the 100 alternate simple affective average. These are absolute signs with a abutting aloft the $750 level. At the moment, there is a concise application triangle basic with abutment at $760 on the alternate blueprint of the BCH/USD pair. The brace faces a accessory attrition abreast the 76.4% Fib retracement akin of the aftermost abatement from the $788 aerial to $724 low. A breach aloft the $785-790 attrition area could accessible the doors for added gains.
Looking at the chart, the brace seems to be trading in a ambit aloft the $720 and $740 abutment levels. As continued as the $720 abutment is intact, it may acceleration further. A breach aloft the $800 handle would be the key for the abutting move in BCH in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is aloof beneath the 50 level.
Major Support Level – $720
Major Resistance Level – $790
