THELOGICALINDIAN - Key Points
Bitcoin banknote amount surged college afore adverse sellers abreast $1,375 adjoin the US Dollar. BCH/USD is currently acclimation lower and it could retest the $1,080 support.
Bitcoin Cash Price Upside Hurdle
This accomplished week, there was a sharp upside move accomplished in bitcoin banknote amount from the $980 beat low adjoin the US Dollar. The amount climbed aloft the 23.6% Fib retracement akin of the aftermost aloft abatement from the $1,764 aerial to $748 low. The upside move was able as the amount was able to move aloft the $1,000 and $1,200 attrition levels.
There was alike a breach aloft the 50% Fib retracement akin of the aftermost aloft abatement from the $1,764 aerial to $748 low. However, the upside move was adequate by the $1,375-80 levels and the 100 simple affective boilerplate (4-hours). Furthermore, the amount bootless to move aloft the 61.8% Fib retracement akin of the aftermost aloft abatement from the $1,764 aerial to $748 low. At the moment, the amount is acclimation lower and is trading beneath the $1,250 level. More importantly, the BCH/USD brace is attempting to achieve beneath a major bullish trend line with abutment at $1,200 on the 4-hours chart.
If the brace settles beneath the $1,180 level, it could abatement further. The best important abutment and buy area on the downside is about the $1,080 level.
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 aloof about the 50 level.
Major Support Level – $1,080
Major Resistance Level – $1,380
Charts address – SimpleFX
