THELOGICALINDIAN - Key Points
Bitcoin banknote amount is positioned accurately aloft $1600 adjoin the US Dollar. BCH/USD ability anon eye a breach aloft $1750 for added gains.
Bitcoin Cash Price Support
The accomplished few canicule were mostly bullish for bitcoin banknote amount as it traded aloft the $1500 and $1600 resistances adjoin the US Dollar. The amount traded aloft the $1700 level, but struggled to breach the $1720 and $1750 attrition levels. There were 2-3 attempts to breach the $1750 resistance, but buyers failed. At the moment, the amount is acclimation lower and it already confused already beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $1150 low to $1748 high.
However, downsides were bound by the $1520-1500 abutment zone. Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $1150 low to $1748 aerial additionally adequate declines. On the downside, there is a above bullish trend band basic with abutment at $1630 on the alternate blueprint of BCH/USD. The trend band abutment is acceptable to anticipate declines beneath $1600 in the abreast term. There can be a brace of beat moves against $1620-1600, but at the end the brace would move higher.
A breach aloft the $1750 attrition would accessible the doors for added gains. The abutting above hurdle on the upside could be $1800 and $1840. Aloft $1840, the amount ability ambition $2000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is able-bodied aloft the 60 level.
Major Support Level – $1600
Major Resistance Level – $1750
Charts address – Trading View, Kraken
