THELOGICALINDIAN - Key Points
Bitcoin banknote amount charcoal accurate aloft $1,600 adjoin the US Dollar. BCH/USD is acceptable to animation aback already the accepted alteration is over.
Bitcoin Cash Price Support
After a sharp upside move, bitcoin banknote amount formed a concise top abreast $1,834 adjoin the US Dollar. The amount started a downside alteration and beneath beneath the $1,800 and $1,750 abutment levels. It additionally traded beneath the 23.6% Fib retracement akin of the aftermost leg from the $1,459 low to $1,834 high. However, there are abounding supports on the downside aloft the $1,600 level.
At the moment, the amount is testing the 50% Fib retracement akin of the aftermost leg from the $1,459 low to $1,834 aerial at $1,645. The declared $1,645 akin is acting as a able abutment and preventing losses. Moreover, there is a acute bullish trend band in abode with abutment at $1,610 on the alternate blueprint of the BCH/USD pair. Therefore, there seems to be a major abutment zone aloft the $1,600 level. As continued as the amount is aloft the declared $1,645 and $1,610 abutment levels, it could animation back.
Looking at the chart, there is a concise attrition basic abreast the $1,750 level. A breach aloft the declared $1,750 akin could accessible the doors for a advance appear the $1,800 level. Finally, a breach aloft $1,834 may conceivably alarm for a analysis of $1,900.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied beneath the 50 level.
Major Support Level – $1,610
Major Resistance Level – $1,750
