THELOGICALINDIAN - Key Points
Bitcoin banknote amount is captivation the $580 abutment adjoin the US Dollar. BCH/USD needs to breach the $630-640 levels to accretion upside drive in the abreast term.
Bitcoin Cash Price Support
It seems like Bitcoin banknote amount is acclimation lower with a bearish bend beneath $650 adjoin the US Dollar. However, there are three important supports on the downside – $600, $580 and $560. As continued as the amount is aloft these levels, it charcoal accurate for added assets aloft $650. Recently, the amount activated the $560 abutment area and recovered against the $640 level.
However, the upside move was adequate by a abutting bearish trend band with accepted attrition at $620 on the alternate blueprint of BCH/USD. The brace confused bottomward and traded beneath the 50% Fib retracement akin of the aftermost beachcomber from the $560 low to $644 high. The downside move is currently award abutment abreast $580. Moreover, the 61.8% Fib retracement akin of the last wave from the $560 low to $644 aerial additionally acted as a support.
On the upside, BCH needs to go through the trend band attrition at $620. Then, it has to achieve aloft $640 for added upsides in the abreast term. With the accepted trend, there are affairs of it testing $700 if the $560 abutment charcoal intact.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is about move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective college appear the 50 level.
Major Support Level – $580
Major Resistance Level – $620
Charts address – Trading View, Kraken
