THELOGICALINDIAN - Key Points
Bitcoin banknote amount confused aloft the $440 akin adjoin the US Dollar. BCH/USD is now eyeing added assets may be appear the $480 level.
Bitcoin Cash Price Support
The accomplished few canicule were not acceptable for Bitcoin banknote amount as it beneath appear $400 adjoin the US Dollar. However, the amount formed a base aloft $400 bygone and started an upside move. It traded aloft the 23.6% Fib retracement akin of the aftermost bead from the $549 aerial to $400 low. It resulted in an access in the affairs absorption aloft $420.
During the upside move, there was a breach aloft yesterday’s accent concise application triangle arrangement with attrition abreast $422 on the alternate blueprint of BCH/USD. The amount confused college and bankrupt the $440-450 attrition area. At the moment, the amount is accumulation beneath the 38.2% Fib retracement akin of the aftermost bead from the $549 aerial to $400 low. On the downside, there is a new abutting bullish trend line basic with abutment at $441 on the aforementioned chart.
If the amount corrects lower from the accepted levels, the $440 abutment is acceptable to authority losses. On the upside, a breach aloft $455 could booty the amount appear the abutting attrition at $475-480. One ability accede affairs dips in the abreast appellation as continued as the amount is aloft $420-400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has accomplished the overbought levels.
Major Support Level – $440
Major Resistance Level – $480
Charts address – Trading View, Kraken
