THELOGICALINDIAN - Key Points
Bitcoin banknote amount is placed in a bullish area aloft $740 adjoin the US Dollar. BCH/USD charge achieve aloft $820 to advance assets appear $880 and $900.
Bitcoin Cash Price Support
This accomplished week, there was a decent upside move aloft the $850 akin in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace traded appear the $900 akin and a aerial was formed abreast $890. Later, the amount adapted acutely lower and traded beneath the $850 support. There was alike a breach beneath the $800 level. However, losses were adequate by an important abutment at $740 and the 100 simple affective boilerplate (4-hours).
More importantly, a aloft bullish trend band prevented slides with accepted abutment at $750 on the 4-hours blueprint of the BCH/USD pair. The brace recovered and confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $890 aerial to $739 low. However, the upside move faced sellers abreast a key abutting bearish trend band with accepted attrition abreast $800. Aloft this, the abutting attrition is abreast $820 and the 50% Fib retracement akin of the last decline from the $890 aerial to $739 low. A able abutting aloft the $820 attrition could advance the amount aback in a bullish area appear $900.
Looking at the chart, the amount charcoal in an uptrend as continued as it is aloft the $740 support. Below this, it could move aback appear $700.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is about to move into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is abreast the 50 level.
Major Support Level – $740
Major Resistance Level – $820
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