THELOGICALINDIAN - Key Points
Bitcoin banknote amount rocketed college aloft $350 adjoin the US Dollar. BCH/USD is now in the bullish area aloft $340 and attractive for added gains.
Bitcoin Cash Price Trend
Finally, there was a break in Bitcoin banknote amount aloft the $325 akin adjoin the US Dollar. The amount managed to accretion backbone afterwards basic a basal abreast the $300 handle. The best allotment was a breach aloft this week’s accent application triangle arrangement with attrition at $320 on the alternate blueprint of BCH/USD. It opened the doors for added assets and the brace alike bankrupt the 61.8% Fib retracement akin of the aftermost abatement from the $335 aerial to $302 low.
The brace alike succeeded in allowance a monster attrition at $350. It austere the aisle for added assets and the amount traded as aerial as $400. Later, a alteration beachcomber was accomplished and the amount confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $308 low to $400 high. The downside was extended, but was bound by the 50% Fib retracement akin of the last wave from the $308 low to $400 high.
The brace is now aback aloft $360 and eyeing added gains. There is a adventitious of BCH retesting the $400 handle if buyers abide in control. Buying dips abutting to the $350-340 levels can be advised with a bound stop.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is assuming absolute signs.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is acclimation the overbought levels.
Major Support Level – $350
Major Resistance Level – $400
Charts address – Trading View, Kraken
