THELOGICALINDIAN - Key Points
Bitcoin banknote amount fabricated a nice upside move aloft $580 adjoin the US Dollar. BCH/USD is now aback in the bullish area and could barter aloft $620.
Bitcoin Cash Price Support
This anniversary we followed a bearish path beneath $650 in in Bitcoin banknote amount adjoin the US Dollar. Yesterday’s I mentioned that there is a adventitious that BCH could assuredly breach the $550-580 attrition to barter higher. It assuredly fabricated a nice upside move and traded aloft $580 to annals appropriate gains. The upside move was such that the amount climbed aloft the 50% Fib retracement akin of the aftermost abatement from the $665 aerial to $520 low. It opened the doors for added assets and the amount traded aloft $580.
The best important breach was aloft this week’s continued followed bottomward approach arrangement with above attrition abreast $575 on the alternate blueprint of BCH/USD. The amount traded as aerial as $610.14 and currently accumulation gains. If the accepted momentum stays, there is a adventitious of it breaking $610 for a move appear $640.
At the moment, the brace is testing the 23.6% Fib retracement akin of the aftermost beachcomber from the $520 low to $610 high. Buying dips in the abreast appellation appear $570-550 can be advised with a bound stop.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is about to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is in the bullish area abreast the 60 level.
Major Support Level – $575
Major Resistance Level – $610
Charts address – Trading View, Kraken
