THELOGICALINDIAN - Key Points
Bitcoin banknote amount afresh adapted lower appear $1100 adjoin the US Dollar. BCH/USD needs to move aloft $1250 for added gains.
Bitcoin Cash Price Support
There was a nice upside move in bitcoin banknote amount this accomplished anniversary from $840 to able-bodied aloft $1300 adjoin the US Dollar. The amount traded as aerial as $1380 from area a downside alteration was initiated. It confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $840 low to $1380 high. However, the downside move was adequate by the $1120 abutment and the 100 alternate simple affective average.
Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the $840 low to $1380 aerial additionally acted as a support. It seems like there is a above bullish trend band basic with abutment at $1190 on the alternate blueprint of BCH/USD. The trend band abutment abreast $1200 and the 100 alternate SMA is currently preventing downsides beneath $1200. On the downside, the abutting important abutment is abreast $1040. However, afore $1040, the 50% Fib retracement akin of the aftermost beachcomber from the $840 low to $1380 aerial abreast $1107 ability act as a support.
Therefore, the brace is accurate on the downside about $1190 and $1040. Having said that, buyers charge to advance the amount aloft the $1250 akin if they accept to resume the uptrend. Moreover, the $1280 akin is additionally a above hurdle in the abreast term.
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 currently aloft the 50 akin with a few bullish signs.
Major Support Level – $1190
Major Resistance Level – $1250
Charts address – Trading View, Kraken
