THELOGICALINDIAN - Key Points
Bitcoin banknote amount is surging college and placed able-bodied aloft $500 adjoin the US Dollar. BCH/USD ability abide to move college appear $580-600.
Bitcoin Cash Price Trend
There was a solid alpha to a new uptrend in Bitcoin banknote aloft $440 this anniversary adjoin the US Dollar. There were appropriate assets in BCH and the amount was alike able to move aloft the $450 resistance. To admit the upside, there was a breach aloft a aloft bearish trend band at $460. It opened the doors for added assets and the amount was able to move aloft the $500 handle. It traded to a new account aerial at $543 from area a correction was initiated.
The amount confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $425 low to $543 high. However, the downside move was prevented by the $500 handle. Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $425 low to $543 aerial additionally acted as a support. There is a concise bullish trend band basic with abutment at $510 on the alternate blueprint of BCH/USD. The trend abutment is captivation losses actual able-bodied and ability continue to act as a support aloft $500.
As continued as the amount is aloft the $500 handle, there are affairs of added assets aloft $550.
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 currently abreast the overbought levels.
Major Support Level – $500
Major Resistance Level – $550
Charts address – Trading View, Kraken
