THELOGICALINDIAN - Key Points
Bitcoin banknote amount acquired bullish drive afresh aloft $1200 adjoin the US Dollar. BCH/USD ability abide to move college appear $1500.
Bitcoin Cash Price Support
There was a solid upside move in bitcoin banknote amount as it was able to move aloft the $1150 attrition adjoin the US Dollar. The best allotment is that there was a breach aloft the $1200 attrition and the 100 alternate simple affective average. It has opened the doors for added assets back the amount is already aloft the $1300 level. During the contempo upside move, yesterday’s accent above bearish trend band with attrition at $1180-$1200 was burst on the alternate blueprint of BCH/USD.
The brace traded as aerial as $1376 afresh and is currently placed able-bodied in the bullish zone. An antecedent abutment on the downside is about the 23.6% Fib retracement akin of the aftermost beachcomber from the $1130 low to $1376 high. The accepted trend seems to be bullish with affairs of BCH testing $1500. The amount is able-bodied aloft the 100 alternate SMA and is positioned for added gains.
On the downside, the burst attrition abreast $1200 is now a acceptable support. An average abutment is about the 50% Fib retracement akin of the aftermost beachcomber from the $1130 low to $1376 aerial abreast $1250. Buying dips against $1250 and $1200 can be advised in the abbreviate appellation with a stop beneath the 100 alternate SMA.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is abreast the overbought levels.
Major Support Level – $1250
Major Resistance Level – $1500
Charts address – Trading View, Kraken
