THELOGICALINDIAN - Key Points
Bitcoin banknote amount is trading accurately in a bullish area adjoin the US Dollar. BCH/USD is acceptable to accretion absorption for a run appear the $850-900 zone.
Bitcoin Cash Price Trend
There was a decent abutment base formed abreast the $600 akin in bitcoin banknote amount adjoin the US Dollar. The amount started an upside beachcomber this accomplished week, and confused aloft a few hurdles such as $650 and $700. The upside move was actual able as the amount was able to abutting aloft the $720 attrition level. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the aftermost abatement from the $1,079 aerial to $600 low.
More importantly, there was a breach aloft a acute bearish trend band with attrition at $720 on the 4-hours blueprint of the BCH/USD pair. The brace is now trading able-bodied aloft the $700 akin and the 100 simple affective boilerplate (4-hours). The upside alluvion chock-full abreast the 38.2% Fib retracement akin of the aftermost abatement from the $1,079 aerial to $600 low. However, the downside is bound by the $700-720 abutment area. It seems like the amount is now able-bodied supported aloft the $700 akin for added gains.
Looking at the chart above, a breach aloft the $775 akin could accessible the doors for added gains. The abutting aloft barrier for buyers aloft $775 is abreast $850.
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 now able-bodied aloft the 50 level.
Major Support Level – $700
Major Resistance Level – $775
