THELOGICALINDIAN - Key Points
Bitcoin banknote amount is placed accurately in a bullish area adjoin the US Dollar. BCH/USD may conceivably resume its upside already the accepted alteration is over.
Bitcoin Cash Price Consolidation
After a major upside move aloft the $1,500 level, bitcoin banknote amount faced sellers adjoin the US Dollar. The amount traded as aerial as $1,538 afore starting a downside correction. It beneath and confused beneath the $1,500 abutment to alpha a concise correction. It is currently testing the 23.6% Fib retracement akin of the aftermost beachcomber from the $1,240 low to $1,538 high.
However, there are abounding supports on the downside on the way up to $1,400. First, there is a above bullish trend band basic with abutment at $1,440 on the alternate blueprint of the BCH/USD pair. Second, the 38.2% Fib retracement akin of the aftermost beachcomber from the $1,240 low to $1,538 high. Third, the 100 alternate simple affective average abreast the $1,400 level. Finally, the 50% Fib retracement akin of the aftermost beachcomber from the $1,240 low to $1,538 aerial at $1,389. Having said that, there are actual beneath affairs that the brace may actual beneath $1,400 in the abbreviate term.
Looking at the chart, the amount charcoal accurate aloft the $1,420 level. On the upside, the $1,500 akin is an antecedent resistance, followed by the $1,540 level. A breach aloft the declared $1,540 akin ability accessible the doors for added assets appear $1,600.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has confused beneath the 50 level.
Major Support Level – $1,420
Major Resistance Level – $1,500
