THELOGICALINDIAN - Key Points
Bitcoin banknote amount bankrupt the $1,700 barrier adjoin the US Dollar. BCH/USD is acceptable to advance college as continued as it stays aloft the $1,650 support.
Bitcoin Cash Price Support
There were continuous gains in bitcoin banknote amount from the $1,450 beat low adjoin the US Dollar. The amount surged college and bankrupt abounding barriers such as $1,500, $1,550 and $1,700. It alike austere the $1,800 hurdle and traded as aerial as $1,838 recently. The accepted amount activity is cool bullish and it seems like the amount may conceivably abide to bullwork college appear $1,900 in the abreast term.
At the moment, the amount is acclimation lower and is trading beneath $1,800. However, there are abounding supports on the downside, starting with $1,750. The 23.6% Fib retracement akin of the aftermost beachcomber from the $1,229 low to $1,838 aerial is additionally at $1,694 to prevent declines. More importantly, there is a acute bullish trend band basic with abutment abreast $1,680 on the 4-hours blueprint of the BCH/USD pair. The best cogent abutment is positioned aloft the $1,600 level. Additionally, the 38.2% Fib retracement akin of the aftermost beachcomber from the $1,229 low to $1,838 aerial is at $1,605.
Looking at the chart, if the amount corrects lower, the $1,650-1,680 area is acceptable to act as a able buy zone. On the upside, a breach aloft the contempo aerial of $1,838 could advance the amount aloft $1,900.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is accepting drive in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is in the overbought zone.
Major Support Level – $1,650
Major Resistance Level – $1,900
