THELOGICALINDIAN - Key Points
Bitcoin banknote amount is placed accurately in a bullish trend aloft $740 adjoin the US Dollar. BCH/USD charge bright the $800 hurdle for added assets in the abreast term.
Bitcoin Cash Price Support
There was a appropriate upside move in bitcoin banknote amount aloft the $780 akin adjoin the US Dollar. The amount surpassed the aftermost beat aerial and activated the $800 attrition area. However, the amount bootless to beat the mentioned $800 resistance, and there was a slight bearish reaction. A concise top was formed abreast the $799.9 akin afore the amount started a downside correction.
It traded beneath the 23.6% Fib retracement akin of the aftermost upside beachcomber from the $720 low to $799 high. At the moment, sellers are attempting a abutting beneath a above application triangle basic with abutment abreast the $775 on the alternate blueprint of the BCH/USD pair. A acknowledged abutting beneath the mentioned $775 akin could advance the amount appear the abutting abutment abreast $750. The 61.8% Fib retracement akin of the last upside wave from the $720 low to $799 aerial is additionally about $750.
Looking at the chart above, a aloft abutment is abreast the $740 akin and the 100 alternate simple affective average. Therefore, as continued as the amount is aloft $740, it charcoal accurate for a breach aloft $800. On the upside, resistances on the way up are $780, $800 and $820.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD confused bottomward acutely appear the 40 level.
Major Support Level – $740
Major Resistance Level – $800
