THELOGICALINDIAN - Key Points
Bitcoin banknote amount surged appear the $550 akin adjoin the US Dollar. BCH/USD is currently acclimation lower, but charcoal able-bodied bids aloft $460-450.
Bitcoin Cash Price Upside Break
There was a nice upside move in Bitcoin banknote amount aloft the $450 akin adjoin the US Dollar. The amount managed to accretion absorption and was alike able to move aloft the $500 handle. Yesterday’s abstraction of affairs dips appear the $450 akin worked. The upside move was positive, as there were appropriate assets demography the amount appear the $550 level. The amount activated the $550 resistance, which acted as a barrier.
At present, the amount is acclimation lower and branch appear the 23.6% Fib retracement akin of the aftermost beachcomber from the $300 low to $549 high. There are two bullish trend curve formed with abutment abreast $490 and $470 on the alternate blueprint of BCH/USD. The aboriginal trend band is abreast the 23.6% fib akin at $490. The additional trend band is abreast the 38.2% Fib retracement akin of the last wave from the $300 low to $549 aerial at $455.
As continued as the amount is aloft the $450 abutment zone, it charcoal supported. Once again, affairs dips appear $490-470 levels can be advised with a stop beneath $450. On the upside, the $550 akin charcoal a acute resistance.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring abbreviation its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently branch south appear the 50 level.
Major Support Level – $470
Major Resistance Level – $550
Charts address – Trading View, Kraken
