THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring accepting clip adjoin the US Dollar. Let’s see if BCH/USD can breach the $500 akin already afresh in the abreast term.
Bitcoin Cash Price Upside Move
Yesterday, we saw a steady rise in Bitcoin banknote amount aloft $450 adjoin the US Dollar. The amount acquired absorption and confused afterpiece to the $470 level. It formed a new accessory aerial at $469.5 and is currently acclimation lower. The best important point is the actuality that yesterday’s accent bullish trend band with accepted abutment abreast $450 on the alternate blueprint of BCH/USD is still on the downside.
An antecedent abutment is about the 38.2% Fib retracement akin of the aftermost beachcomber from the $440 low to $469 high. However, the best important abutment is abreast $450. It represents the trend band abutment and the 61.8% Fib retracement akin of the aftermost beachcomber from the $440 low to $469 high. An average abutment comes at $454. On the upside, the contempo aerial abreast $469 is a concise resistance.
A breach aloft $469 could lift the bazaar affect and the amount ability barter towards $480. If buyers abide in activity for a continued time, there is a adventitious of BCH testing $500 this week. Overall, affairs dips in the abbreviate appellation appear $450-440 can be considered.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now aback aloft the 50 level.
Major Support Level – $450
Major Resistance Level – $470
Charts address – Trading View, Kraken
