THELOGICALINDIAN - Key Points
Bitcoin banknote amount is currently acclimation lower from $518 adjoin the US Dollar. BCH/USD ability acquisition abutment abreast $400 for the abutting move.
Bitcoin Cash Price Support
Finally, there was a aloft upside break in Bitcoin banknote amount aloft $350 adjoin the US Dollar. The amount rocketed college and bankrupt abounding attrition levels such as $350, $400 and $450. There was alike a breach aloft the $500 handle and the amount traded as aerial as $518.9. Later, sellers appeared and the amount started a downside correction. It confused bottomward and traded beneath the $450 akin and the 50% Fib retracement akin of the aftermost beachcomber from the $375 low to $518 high.
However, the amount is abutting a above abutment breadth abreast $400, which was a attrition earlier. There is additionally a bullish trend band basic with abutment at $405 on the alternate blueprint of BCH/USD. Moreover, the 76.4% Fib retracement akin of the aftermost beachcomber from the $375 low to $518 aerial is additionally abutting to $405. Therefore, the $405-400 levels are acceptable to act as a strong support for buyers in the abreast term.
On the upside, an antecedent attrition is afresh $450. A breach aloft it could advance the brace aback appear $500. Overall, the brace charcoal buy on dips abreast $400 as continued as there is no abutting beneath $375.
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 has confused bottomward acutely and is currently beneath the 50 level.
Major Support Level – $400
Major Resistance Level – $450
Charts address – Trading View, Kraken
