THELOGICALINDIAN - Key Points
Bitcoin banknote amount is assuming bullish signs adjoin the US Dollar. However, BCH/USD is still beneath a acute attrition breadth abreast $350.
Bitcoin Cash Price Upside Hurdle
There were positive beat moves in Bitcoin banknote amount aloft $320 adjoin the US Dollar. The amount traded aloft the $340 attrition and alike attempted a abutting aloft $350. However, there was no abutting aloft $350 and the amount beneath already again. After trading as aerial as $354.5, there was a downside move against $325. Sellers took the amount beneath the 50% Fib retracement akin of the aftermost beachcomber from the $306 low to $354 high.
The downside move was adequate by a bullish trend band with accepted abutment at $330 on the alternate blueprint of BCH/USD. The brace additionally begin abutment abreast the 61.8% Fib retracement akin of the aftermost beachcomber from the $306 low to $354 high. It is already afresh affective college appear the $350 resistance area. Buyers charge to accretion solid drive for a able breach of the $350-355 resistance.
If they fail, there can be a retest of the trend band abutment at $330. Below $330, the abutting aloft abutment is at $325. On the upside, a abutting aloft $350 could advance the amount appear the abutting acute attrition at $400.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is affective aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied aloft the 50 level.
Major Support Level – $330
Major Resistance Level – $350
Charts address – Trading View, Kraken
