THELOGICALINDIAN - Key Points
Bitcoin banknote amount afterwards a alteration appear $550 adjoin the US Dollar begin support. BCH/USD is now aback in the bullish area aloft $640.
Bitcoin Cash Price Trend
There was a sharp downside move in Bitcoin banknote amount from able-bodied aloft $900 to able-bodied beneath $600 adjoin the US Dollar. The amount followed a bearish aisle and traded as low as $533 area buyers appeared and adequate declines. Later, the amount was able to accretion able bids and was able to move aloft $600. It started trading with a absolute accent and bankrupt the 23.6% Fib retracement akin of the aftermost abatement from the $943 aerial to $533 low.
During the upside, yesterday’s accent acute bottomward approach arrangement with attrition abreast $625 on the alternate blueprint of BCH/USD was breached. The brace is now trading aloft the $650 abutment and flirting with the 100 alternate simple affective average. The best important attrition on the upside is abreast the 50% Fib retracement akin of the last decline from the $943 aerial to $533 low.
At the moment, the brace is afterward an ascendance approach with abutment at $670 on the aforementioned chart. Once it break $700 and the 100 alternate simple affective average, there can be added gains. The amount could alike ambition a move aloft the $800 akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently aloof aloft the 50 level.
Major Support Level – $650
Major Resistance Level – $740
Charts address – Trading View, Kraken
