THELOGICALINDIAN - Key Points
Bitcoin banknote amount afterwards trading as aerial as $941 started a alteration adjoin the US Dollar. BCH/USD ability analysis $640-650 afore resuming trend.
Bitcoin Cash Price Support
Recently, we saw a nasty run in Bitcoin banknote amount as it confused aloft the $900 akin adjoin the US Dollar. The amount traded as aerial as $941 and again started acclimation lower. It confused bottomward and traded beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $590 low to $941 high. It opened the doors for an continued correction. During the downside move, the amount alike acclimatized beneath the $800 abutment and traded appear $680.
There was additionally a breach beneath a above bullish trend band at $740 on the alternate blueprint of BCH/USD. The amount alike bankrupt the 61.8% Fib retracement akin of the aftermost beachcomber from the $590 low to $941 high. It agency there is a adventitious that the amount could retest the aftermost beat low of $640. Beneath $640, the 100 alternate simple affective boilerplate is positioned to act as a strong support.
On the upside, there is a abutting bearish trend band basic with attrition at $760. A breach aloft it ability alarm for trend resumption appear $800 or higher. Overall, affairs dips appear the $640 akin or the 100 alternate simple affective boilerplate ability be advised with a stop beneath $600.
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 currently beneath the 50 level, but affective higher.
Major Support Level – $640
Major Resistance Level – $760
Charts address – Trading View, Kraken
