THELOGICALINDIAN - Key Points
Bitcoin banknote amount is ascent acutely aloft $1,500 adjoin the US Dollar. BCH/USD has to move accomplished $1,540 to abide its upside momentum.
Bitcoin Cash Price Support
There was a decent alpha of an upside wave from the $1,350 abutment in bitcoin banknote amount adjoin the US Dollar. The amount acquired bullish drive and it succeeded in allowance a few important resistances, such as $1,380 and $1,400. To alpha with, buyers managed to bright the 61.8% Fib retracement akin of the aftermost downside leg from the $1,480 beat aerial to $1,240 low.
Later, yesterday’s accent key abutting bearish trend band with attrition at $1,370 was breached on the alternate blueprint of the BCH/USD pair. The brace acquired absorption and confused aloft the $1,450 attrition and austere the aftermost beat aerial of $1,480. It opened the doors for added assets and the amount confused aloft $1,500. These all are absolute signs, suggesting added assets aloft $1,500. At the moment, the amount is testing the 1.236 Fib addendum of the last downside leg from the $1,480 beat aerial to $1,240 low. Therefore, there is a adventitious of a accessory downside alteration appear the $1,500 and $1,480 abutment levels.
Looking at the chart, it seems like downsides could be bound in the abbreviate appellation beneath $1,480. As continued as the amount is aloft $1,500 and $1,480, it is acceptable to breach $1,540 for added gains.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently abreast the overbought levels.
Major Support Level – $1,480
Major Resistance Level – $1,540
