THELOGICALINDIAN - Key Points
Bitcoin banknote amount is assuming absolute signs adjoin the US Dollar. BCH/USD could acceleration added if it stays aloft the $1,000 abutment level.
Bitcoin Cash Price Upside Move
There was a fresh upside wave accomplished from the $841 beat low in bitcoin banknote amount adjoin the US Dollar. The amount confused college and succeeded in breaking a aloft attrition at $925. It additionally fabricated an upside move aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1,299 aerial to $841 low. It opened the doors for added assets and the amount acquired absorption aloft $1,000.
More importantly, there was a breach aloft a acute bearish trend band with attrition at $975 on the alternate blueprint of the BCH/USD pair. Later, the brace succeeded in before the $1,050 akin and the 100 alternate simple affective average. However, it is currently facing resistance abreast the 50% Fib retracement akin of the aftermost abatement from the $1,299 aerial to $841 low. On the upside, the abutting above attrition is about the $1,140 level, which was a abutment earlier.
On the downside, the amount has to break aloft the $1,000 akin and the 100 alternate SMA. Should the amount fails to break aloft $1,000, it could move aback in a bearish zone. The all-embracing amount activity is absolute as continued as the amount is aloft $1,000.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accepting clip in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied aloft the 55 level.
Major Support Level – $1,000
Major Resistance Level – $1,140
Charts address – Trading View
