THELOGICALINDIAN - Key Points
Bitcoin banknote amount fabricated a absolute move aloft $1,200 adjoin the US Dollar. BCH/USD charge break aloft 100 alternate SMA to accretion added upside momentum.
Bitcoin Cash Price Support
Yesterday, we saw how there was a key support basic aloft the $1,100 akin in bitcoin banknote amount adjoin the US Dollar. The amount started a apathetic and abiding acceleration and it was able to move aloft the $1,160 resistance. There was additionally a breach aloft the 61.8% Fib retracement akin of the aftermost downside beachcomber from the $1,285 aerial to $1,116 low. It opened the doors for added assets and the amount acclimatized aloft $1,200 and the 100 alternate simple affective average.
More importantly, there was a fractional breach aloft yesterday’s accent bearish trend band with attrition at $1,220 on the alternate blueprint of BCH/USD. The brace traded as aerial as $1,263 and it is currently acclimation lower. It has confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $1,125 low to $1,263 high. It is currently testing the burst trend band at $1,210. On the downside, the 50% Fib retracement akin of the aftermost beachcomber from the $1,125 low to $1,263 aerial is at $1,195 to act as a support. Moreover, the declared $1,195 akin is additionally abreast the 100 alternate SMA.
Therefore, as continued as the amount is aloft $1,190 and the 100 alternate SMA, it could acceleration already again.
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 is affective lower appear the 50 level.
Major Support Level – $1,190
Major Resistance Level – $1,250
Charts address – SimpleFX
