THELOGICALINDIAN - Key Points
Bitcoin banknote amount is captivation the $740 abutment accurately adjoin the US Dollar. BCH/USD may abide to move college and it could alike ambition a beginning aerial aloft $800.
Bitcoin Cash Price Trend
After trading added higher, bitcoin banknote amount begin sellers abreast $800 adjoin the US Dollar. The amount started a downside alteration and traded beneath the $780 and $760 abutment levels. There was additionally a breach beneath the 50% Fib retracement akin of the aftermost leg from the $721 low to $800 high. However, the downside move begin abutment abreast a acute akin at $740 and the 100 alternate simple affective average.
BCH buyers adequate added declines, consistent in an upside move aloft the $750 level. It has confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $800 aerial to $742 low. However, the upside move is adverse sellers abreast the $770 level. Moreover, the 50% Fib retracement akin of the aftermost abatement from the $800 aerial to $742 low is additionally abreast $770. Therefore, a breach aloft the $770 akin is bare for further gains. Aloft $770, the amount could retest the aftermost beat aerial at $800. And, if buyers abide in control, the amount may alike breach the $800 akin for a new high.
Looking at the chart above, there is a new abutting bullish trend band basic with abutment at $750. As continued as the amount is aloft $740-750, it charcoal supported.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is abreast the 50 level.
Major Support Level – $740
Major Resistance Level – $770
