THELOGICALINDIAN - Key Points
Bitcoin banknote amount fabricated a aciculate upside move aloft $2024 adjoin the US Dollar. BCH/USD is currently acclimation lower but charcoal buy at $1700.
Bitcoin Cash Price Support
Yesterday, I mentioned that bitcoin banknote amount is in an uptrend aloft the $1600 akin adjoin the US Dollar. The amount fabricated a nice upside move and was able to barter aloft the $1800 and $1900 attrition level. The upside move was able as the amount traded abutting to the $2000 akin and fabricated a aerial at $1997. Later, a downside alteration was accomplished and the amount confused beneath the 23.6% Fib retracement akin of the aftermost leg up from the $1440 low to $1997 high.
However, there are abounding supports on the downside such as $1750 and $1720. There is additionally a new above bullish trend band basic with abutment at $1720 on the alternate blueprint of BCH/USD. The trend band abutment is about the 50% Fib retracement akin of the aftermost leg up from the $1440 low to $1997 high. Therefore, the $1720 abutment is acceptable to act as a able barrier for added declines. Moreover, the $1700 handle is additionally a decent support. The aftermost band of aegis could be about the $1650 support.
On the upside, the amount could animation aback aloft $1850 in the abbreviate term. Aloft $1850, the amount will best acceptable analysis the $2024 handle.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently affective lower with a accessory divergence.
Major Support Level – $1720
Major Resistance Level – $1850
Charts address – Trading View, Kraken
