THELOGICALINDIAN - Key Points
Bitcoin banknote amount is placed accurately aloft $1700 adjoin the US Dollar. BCH/USD may anon breach the $2025 akin to claiming the $2025 level.
Bitcoin Cash Price Trend
There was a good upside wave in bitcoin banknote amount from the $1300 beat low adjoin the US Dollar. The amount was able to move aloft the $1500 and $1700 attrition levels. The upside move was able as the amount traded aloft the $1950 attrition level. It traded as aerial as $1997 from area a alteration beachcomber was initiated. It has confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $1201 low to $1997 high.
However, there are abounding abutment levels on the downside such as $1700 and $1750. There is additionally a key bullish trend band basic with abutment at $1750 on the 4-hours blueprint of BCH/USD. The trend band abutment is aloof aloft the 38.2% Fib retracement akin of the aftermost beachcomber from the $1201 low to $1997 high. Moreover, the $1675 axis breadth could additionally act as a strong support in the abreast term. Therefore, it won’t be accessible for sellers to advance the amount beneath $1700.
On the upside, the contempo aerial at $2025 is alone a concise resistance. The brace ability anon breach the declared akin and barter aloft $2025 during the advancing sessions.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is hardly in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied aloft the 50 level.
Major Support Level – $1700
Major Resistance Level – $2025
Charts address – Trading View, Kraken
