THELOGICALINDIAN - Key Points
Bitcoin banknote amount is architecture bullish moves adjoin the US Dollar. BCH/USD may abide to move college appear the all-important $1,290 resistance.
Bitcoin Cash Price Trend
There was a decent upside move formed from the $1,220 low in bitcoin banknote amount adjoin the US Dollar. The amount started trading college and bankrupt the $1,240 and $1,250 attrition levels. It additionally acclimatized aloft the $1,260 akin and the 100 alternate simple affective average. These are absolute signs for BCH, but the amount has to breach an important attrition abreast $1,290 to accretion traction.
During the upside move, there was a breach aloft a abutting bearish trend band with attrition at $1,250 on the alternate blueprint of BCH/USD. The brace traded as aerial as $1,262 afresh and is currently accumulation gains. An antecedent abutment on the downside is about the 23.6% Fib retracement akin of the aftermost beachcomber from the $1,210 low to $1,262 high. However, the most important support is abreast the $1,250 akin and the 100 alternate SMA. The mentioned $1,250 akin was a attrition earlier, and now it is acceptable to act as a support.
Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $1,210 low to $1,262 aerial is about $1.254 to act as a support. On the upside, the brace has to move aloft the $1,290 attrition akin to accretion upside momentum.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently extensive the 70 level.
Major Support Level – $1,250
Major Resistance Level – $1,290
Charts address – SimpleFX
