THELOGICALINDIAN - Key Points
Bitcoin banknote amount surged college aloft $3000 and $3500 adjoin the US Dollar. BCH/USD is now cool bullish with added assets achievability aloft $3500.
Bitcoin Cash Price Uptrend
Yesterday, we discussed how bitcoin banknote amount could abide to move aloft the $2000 akin adjoin the US Dollar. The amount started a solid upside move and bankrupt abounding resistances on the way up such as $2500, $3000 and $3500. A new best aerial was formed at $3747 and at the moment, the amount is acclimation lower. On the downside, an antecedent abutment is about the 23.6% Fib retracement akin of the aftermost leg from the $2000 low to $3747 high.
It seems like downsides could be bound by the $3000 abutment zone. There is a new abutting bullish trend band basic with abutment at $3000 on the alternate blueprint of BCH/USD. The trend band abutment is abutting to the 38.2% Fib retracement akin of the aftermost leg from the $2025 low to $3747 high. Therefore, any above dips from the accepted levels are acceptable to face bids abreast the $3200 and $3000 levels. A breach beneath $3000 won’t be accessible back the 50% Fib retracement akin of the aftermost leg from the $2025 low to $3747 aerial is at $2870.
On the upside, the amount may anon move aloft $3500. Should there be more gains aloft $3500, the amount could analysis the $4000 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is acerb placed in the bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective lower against the 60 level.
Major Support Level – $3000
Major Resistance Level – $3500
Charts address – Trading View, Kraken
