THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring advancing for assets adjoin the US Dollar. BCH/USD may anon breach $360 and attack a move aloft $400.
Bitcoin Cash Price Upside Hurdle
It seems like Bitcoin banknote amount is preparing for a break appear the $400 akin adjoin the US Dollar. The amount is currently trading in a tiny ambit aloft the $320 level. Recently, it biconcave from the $438 aerial and confused beneath the $400 level. There was alike a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $240 low to $438 high.
However, as mentioned in the aftermost analysis, the abatement is adequate by the $320 akin and the 100 alternate simple affective average. Moreover, the 61.8% Fib retracement akin of the aftermost beachcomber from the $240 low to $438 aerial is acting as a support. At the moment, there is a above application triangle arrangement with attrition abreast $360 basic on the alternate blueprint of BCH/USD. If buyers accretion clip and the amount accomplish in breaking the $360 level, there could be assets appear $400.
On the downside, the triangle abutment is abreast $340. A breach beneath $340 would booty the amount aback appear the 100 alternate simple affective average. Any added losses would be limited because the abutment abject abreast $300.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now advancing to move from the bearish to bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is aloof about the 50 level.
Major Support Level – $320
Major Resistance Level – $360
Charts address – Trading View, Kraken
