THELOGICALINDIAN - Key Points
Bitcoin banknote amount continued assets aloft the $550 akin adjoin the US Dollar. BCH/USD is acceptable to move aloft $600 to accretion added pace.
Bitcoin Cash Price Support
There was a appropriate upside ride in Bitcoin banknote above $500 afresh adjoin the US Dollar. The amount acquired a lot of absorption and was able to move aloft the $550 and $560 attrition levels. A new account aerial was formed afresh at $595 and it seems like the amount would abide to move higher. On the downside, an antecedent abutment is about the 23.6% Fib retracement akin of the aftermost beachcomber from the $422 low to $595 high.
Any aloft alteration from the accepted levels assume bound by the $560-550 area. There is additionally a aloft bullish trend band basic with abutment at $560 on the alternate blueprint of BCH/USD. As continued as the brace is aloft the $560 level, there is a adventitious of it breaking the $600 handle today. Aloft $600, the abutting aloft attrition is abutting to the $620 level. Any further gains should advance the brace appear the $650 level.
To the downside, the trend band abutment at $560 is important. A breach beneath it should bright the way for a analysis of the $500 handle. Overall, BCH charcoal buy on dips abreast the $560 akin for a move aloft $600.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is abiding in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is able-bodied placed in the bullish zone.
Major Support Level – $560
Major Resistance Level – $600
Charts address – Trading View, Kraken
