THELOGICALINDIAN - Key Points
Bitcoin banknote amount is accepting clip aloft $600 adjoin the US Dollar. BCH/USD bankrupt an important attrition and eyeing added gains.
Bitcoin Cash Price Support
There was a alteration accomplished in Bitcoin banknote amount afresh from the $685 beat aerial adjoin the US Dollar. The downside move was adequate by the $580-600 abutment area and after the amount started an upside move. The best allotment was the actuality that the amount completed a alteration auspiciously abreast $580 and acceptable to abide higher. During the upside move, the amount was able to breach the 38.2% Fib retracement akin of the aftermost abatement from the $642 aerial to $580 low.
Moreover, yesterday’s accent abutting bearish trend band with attrition at $610 was burst on the alternate blueprint of BCH/USD. It has opened the doors for added assets back the amount is now able-bodied aloft $600. The brace is abutting the 76.4% Fib retracement akin of the aftermost abatement from the $642 aerial to $580 low. A breach aloft the $630 akin would open the doors for a move appear the $650 level.
Any added assets should alarm for a analysis of the $700 akin in the abreast term. On the downside, an antecedent abutment is at $600, which can be apparent as a buy zone.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accepting drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is branch college and is currently able-bodied aloft the 50 level.
Major Support Level – $600
Major Resistance Level – $650
Charts address – Trading View, Kraken
