THELOGICALINDIAN - Key Points
Bitcoin banknote amount is affective accurately appear $1800 adjoin the US Dollar. BCH/USD is in an uptrend and charcoal able-bodied accurate aloft the $1500 level.
Bitcoin Cash Price Trend
There was a slow and abiding rise in bitcoin banknote amount aloft the $1500 akin adjoin the US Dollar. The amount was able to move aloft the $1600 and $1650 attrition levels afore starting a downside correction. A aerial was formed at $1677.1 from area a accessory downside acknowledgment was initiated. Sellers pushed the amount beneath the 38.2% Fib retracement akin of the aftermost upside beachcomber from the $1350 low to $1677 high.
However, the downside move was prevented by the $1500-1510 abutment area. Moreover, there is a acute ascendance approach basic with accepted abutment at $1550 on the alternate blueprint of BCH/USD. It afresh acted as a abutment aloft $1520 and prevented added losses. More importantly, the 50% Fib retracement akin of the aftermost upside beachcomber from the $1350 low to $1677 aerial acted as a able support.
The brace is now affective aback college and it is acceptable to extend assets aloft the $1600 level. On the upside, an antecedent attrition is at $1600 followed by the aftermost beat aerial at $1677. A breach aloft the $1677 akin could accessible the doors for a move appear the $1800 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed accurately aloft the 50 akin and is positive.
Major Support Level – $1550
Major Resistance Level – $1670
Charts address – Trading View, Kraken
