THELOGICALINDIAN - Key Points
Bitcoin banknote amount is assertive for added assets aloft $600 adjoin the US Dollar. BCH/USD ability retest $680 or could alike breach it.
Bitcoin Cash Price Trend
The accomplished few canicule were very bullish for Bitcoin banknote amount as it confused aloft $580 and $600 adjoin the US Dollar. After trading as aerial as $684, there was a accessory alteration initiated. The amount traded as low as $560 area buyers appeared and adequate added declines. A new upside beachcomber was accomplished and the amount confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $684 aerial to $560 low.
During the upside move, there was a breach aloft a aloft bearish trend band with attrition at $600 on the alternate blueprint of BCH/USD. The brace additionally bankrupt the 50% Fib retracement akin of the aftermost abatement from the $684 aerial to $560 low. These all are absolute signs and calling for added gains aloft $600. At present, the amount is adverse attrition abreast $640 and the 61.8% Fib retracement akin of the aftermost abatement from the $684 aerial to $560 low. Therefore, there is a adventitious of a accessory alteration appear the $620 or $600 levels.
Any above alteration should be bound by $600 because the accepted bazaar affect back BCH charcoal a buy on dips.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed able-bodied in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently abreast the 62 level.
Major Support Level – $600
Major Resistance Level – $640
Charts address – Trading View, Kraken
