THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback aloft $600 adjoin the US Dollar. BCH/USD is now in the bullish area and charcoal buy on dips abreast $600-580.
Bitcoin Cash Price Trend
Yesterday, we discussed the affairs of Bitcoin banknote amount testing the $580 level adjoin the US Dollar. The amount not alone activated the $580 level, but acquired abundant backbone to breach the $600 level. There was alike a breach aloft the 50% Fib retracement akin of the bead from the $676 aerial to $500 low. The upside move was sharp, and as a result, there was a breach aloft the $640 attrition as well.
The contempo amount activity is absolute back BCH about activated the aftermost beat aerial of $675-680. There was additionally a breach aloft yesterdays accent a bearish trend band with attrition at $575 on the alternate blueprint of BCH/USD. A aerial was formed at $672 from area the amount started a short-term correction. The amount is currently trading abreast the 23.6% Fib retracement akin of the aftermost beachcomber from the $500 low to $672 high.
On the downside, there is a bullish trend band positioned at $600 on the aforementioned chart. Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $500 low to $672 aerial is additionally abreast $606. Overall, the $600 akin ability now act as a able abutment and buy zone.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is branch lower appear the 50 level.
Major Support Level – $600
Major Resistance Level – $670
Charts address – Trading View, Kraken
