THELOGICALINDIAN - Key Points
Bitcoin banknote amount is accepting drive aloft $1,250 adjoin the US Dollar. BCH/USD is acceptable to extend assets already it breach the $1,300 resistance.
Bitcoin Cash Price Support
There was a fresh upside wave accomplished from the $1,175 beat low in bitcoin banknote amount adjoin the US Dollar. The amount traded college and it was able to breach two important attrition levels – $1,200 and $1,220. Added importantly, there was an alternate abutting aloft the $1,200 akin and the 100 alternate simple affective average. It opened the doors for added assets aloft $1,250.
During the upside move, there was a breach aloft yesterday’s accent key bearish trend band with attrition at $1,220 on the alternate blueprint of BCH/USD. The brace alike surged aloft the $1,265 akin and traded as aerial as $1,291. At the moment, the brace is accumulation in a ambit aloft the $1,265 level. A application triangle is basic with current resistance at $1,290 on the aforementioned chart. Once there is a breach aloft the $1,290 level, the amount may breach the $1,300 attrition for added gains.
On the downside, an antecedent abutment is at $1,270. A breach and abutting beneath the $1,270 abutment could activate added losses. The abutting above abutment is about the 38.2% Fib retracement akin of the aftermost beachcomber from the $1,175 low to $1,291 high.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now affective accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied aloft the 50 level.
Major Support Level – $1,250
Major Resistance Level – $1,300
Charts address – SimpleFX
