THELOGICALINDIAN - Key Points
Bitcoin banknote amount is accepting bullish drive aloft $1,000 adjoin the US Dollar. BCH/USD has to move aloft $1,100 to advance assets in the abreast term.
Bitcoin Cash Price Trend
This accomplished week, there were mostly range moves beneath $1,040 in bitcoin banknote amount adjoin the US Dollar. The amount was disturbing to accretion clip aloft the $1,020 and $1,040 attrition levels. Finally, there was an upside breach and the amount acclimatized aloft the $1,040 akin and the 100 simple affective boilerplate (4-hours). During the upside move, the amount bankrupt abounding hurdles, including the $1,000 barrier.
Moreover, there was a breach aloft the 38.2% Fib retracement akin of the aftermost abatement from the $1,323 beat aerial to $871 low. Added importantly, there was a breach aloft a acute bearish trend band with attrition abreast $980 on the 4-hours blueprint of the BCH/USD pair. The brace is now placed accurately in a absolute area aloft $1,040. At the moment, the 50% Fib retracement akin of the aftermost abatement from the $1,323 beat aerial to $871 low at $1,096 is acting as a resistance. A breach and abutting aloft $1,100 is bare for added assets appear $1,200.
Looking at the chart, the amount activity is absolute aloft $1,000. On the downside, the burst resistances at $1,040 and $1,000 are acceptable to act as supports if the amount moves down.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is accepting drive in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now able-bodied aloft the 60 level.
Major Support Level – $1,000
Major Resistance Level – $1,100
