THELOGICALINDIAN - Key Points
Bitcoin banknote amount rocketed as aerial as $2600 adjoin the US Dollar. BCH/USD is now acclimation lower and charcoal able-bodied beneath $2024.
Bitcoin Cash Price Trend
There was a sharp upside move in Bitcoin banknote amount aloft the $2000 akin adjoin the US Dollar. The amount rocketed aloft $2500 and traded to a new best aerial about $2600. Later, there was a aciculate downside move beneath $2000 and the amount confused by added than $1000. The amount traded appear the $1200 abutment breadth area buyers adequate downside and after BCH started trading in a range.
It confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $2600 aerial to $1200 low. However, the upside move was capped by the $1800 level. Moreover, the 38.2% Fib retracement akin of the aftermost bead from the $2600 aerial to $1200 low acted as a resistance. On the downside, it seems like there is a monster bullish trend band basic with current support at $1300 on the alternate blueprint of BCH/USD.
The accent trend band abutment is captivation losses aloft the $1300 level. On the upside, there is a abutting bearish trend band basic with attrition at $1800. As continued as the amount is aloft $1200, it can accomplish addition upside attack against $1800 or higher.
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 for BCH/USD is currently abreast the 50 level.
Major Support Level – $1300
Major Resistance Level – $1800
Charts address – Trading View, Kraken
