THELOGICALINDIAN - Key Points
Bitcoin banknote amount is captivation an important abutment adjoin the US Dollar. BCH/USD ability accretion absorption concise to analysis the $340 barrier.
Bitcoin Cash Price Correction
There was yet another test of the $305-300 abutment in Bitcoin banknote amount adjoin the US Dollar. The amount begin able affairs absorption abreast $305 and as a aftereffect started an upside move. A low was formed at $304.8 afore a alteration was initiated. Buyers were able to move the amount aloft the 23.6% Fib retracement akin of the aftermost abatement from the $357 aerial to $304 low.
The best allotment was a breach aloft a abutting bearish trend band with attrition at $312 on the alternate blueprint of BCH/USD. The brace is currently assuming a few absolute signs aloft $310 and trading with a appropriate bias. At present, the brace is testing the 38.2% Fib retracement akin of the aftermost abatement from the $357 aerial to $304 low at $325. Once there is a breach aloft $325, there is a adventitious of a move appear $340. The $335-340 area is a major resistance for buyers and best acceptable to anticipate assets in the abbreviate term.
If buyers accomplish in allowance $340, there can be a analysis of the abutting attrition at $355. On the downside, the $305-300 arena charcoal a above abutment in the abreast appellation for BCH.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has confused aloft the 50 level.
Major Support Level – $305
Major Resistance Level – $340
Charts address – Trading View, Kraken
