THELOGICALINDIAN - Key Points
Bitcoin banknote amount is positioned accurately aloft the $1,160 abutment breadth adjoin the US Dollar. BCH/USD may boring accretion clip and move college appear the $1,350 level.
Bitcoin Cash Price Consolidation
It seems like bitcoin banknote amount is consolidating above the $1,160 abutment akin adjoin the US Dollar. There were a brace of attempts to breach the $1,150-60 abutment zone, but sellers failed. The amount remained aloft the 38.2% Fib retracement akin of the move from the $934 low to $1,368 high. The downside seems to be bound back the amount is trading accurately aloft the $1,160-1,180 abutment area.
At the moment, the amount is affective college aloft $1,250 and the 100 alternate simple affective average. Moreover, the BCH/USD brace is attempting an upside breach aloft a bearish trend band with attrition at $1,250 on the alternate chart. There is additionally addition trend band positioned on the blueprint at $1,300. Therefore, already there is a breach aloft the $1,300 level, the amount could barter added higher. An actual attrition is about the $1,325 level. However, the best important resistance is around the $1,350-1,360 zone.
As continued as the amount is beneath the $1,360 level, it may abide to consolidate. On the downside, $1,160 abutment area holds a lot of acceptation for added declines in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective from the bearish to bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is ascent and it has aloof confused aloft the 50 level.
Major Support Level – $1,160
Major Resistance Level – $1,350
Charts address – SimpleFX
