THELOGICALINDIAN - Key Points
Bitcoin banknote amount is accepting absorption aloft $1,000 adjoin the US Dollar. BCH/USD may conceivably extend assets aloft the $1,200 akin if buyers abide in control.
Bitcoin Cash Price Support
There was a monster rally from the $800 abutment in bitcoin banknote amount adjoin the US Dollar. The amount jumped and bankrupt abounding resistances such as $900 and $1,000. It alike bankrupt the $1,100 akin and traded abutting to the $1,200 level. A aerial was formed at $1,193 afore the amount started a downside correction. It confused bottomward beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $873 low to $1,193 high.
However, the downside move was bound by the $1,040 level. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $873 low to $1,193 aerial acted as a support. More importantly, there is a acute bullish trend band basic with abutment abreast $1,090 on the 4-hours blueprint of the BCH/USD pair. The brace is moving higher afresh and is currently trading able-bodied aloft the $1,080 level. It seems like it could abide to move college and it may alike breach the $1,200 akin in the abreast term. Aloft the mentioned $1,200, the amount may conceivably analysis the $1,240 akin in the abreast term.
Looking at the chart, the amount charcoal able-bodied accurate on the downside abreast $1,080 and $1,050 levels.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is currently abbreviation its bullish slope.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is acclimation lower from the 85 level.
Major Support Level – $1,090
Major Resistance Level – $1,200
