THELOGICALINDIAN - Key Points
Bitcoin banknote amount climbed college acutely aloft $600 adjoin the US Dollar. BCH/USD may actual lower, but dips abide accurate for added assets aloft $650.
Bitcoin Cash Price Trend
After trading aloft the $500 level for absolutely some time, there was a aciculate upside move in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace rallied and bankrupt abounding resistances on the way up like $540, $580, $600 and $640. More importantly, the amount is now trading able-bodied aloft the $550 axis akin and the 100 simple affective boilerplate (4-hours).
During the rise, there was a breach aloft a above bearish trend band formed with attrition abreast $560 on the 4-hours blueprint of the BCH/USD pair. The brace traded as aerial as $656 and it is currently placed accurately in a bullish trend. If it corrects lower from the accepted levels, the antecedent attrition abreast $620 could act as a support. The 23.6% Fib retracement akin of the aftermost beachcomber from the $523 low to $656 aerial is additionally positioned abreast the $625 level. If the amount continues to move down, the $600 akin is the abutting support. It coincides with the 50% Fib retracement akin of the aftermost beachcomber from the $523 low to $656 high.
Looking at the chart, BCH amount charcoal in a solid uptrend aloft $600. There could be a accessory dip, but buyers are acceptable to arise abreast $625 or $600.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is placed heavily in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is abreast the overbought levels.
Major Support Level – $600
Major Resistance Level – $650
