THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback in a absolute area aloft $460 adjoin the US Dollar. BCH/USD is acceptable to extend assets aloft the $500 akin in the abreast term.
Bitcoin Cash Price Analysis
This accomplished week, there was a strong affairs interest noticed about the $410 akin in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace started an advancement move and bankrupt a few important resistances abreast $420 and $430. It started a solid assemblage and alike bankrupt the $440 attrition and the 100 simple affective boilerplate (4-hours). Moreover, there was a breach aloft the $450 attrition and the $460 axis level.
More importantly, there was a breach aloft a aloft bearish trend band with attrition at $430 on the 4-hours blueprint of the BCH/USD pair. It opened the doors for added assets and the amount traded aloft the $482 beat high. The amount is currently testing the 1.236 Fib addendum akin of the contempo abatement from the $482 aerial to $407 low. The accepted amount activity is actual absolute and it seems like the amount may extend assets aloft $500. The abutting attrition could be $530 and the 1.618 Fib addendum akin of the recent decline from the $482 aerial to $407 low.
Looking at the chart, BCH amount may conceivably actual a few credibility appear the $480 or $460 abutment levels. However, dips abide accurate for added assets aloft $500.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is aback in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently abreast the overbought levels.
Major Support Level – $480
Major Resistance Level – $500
