THELOGICALINDIAN - Key Points
Bitcoin banknote amount is bullish aloft $1,300 adjoin the US Dollar. BCH/USD may abide to bullwork college in the abreast appellation appear $1,500 and $1,600.
Bitcoin Cash Price Trend
After a solid rally, bitcoin banknote amount topped about the $1,576 akin adjoin the US Dollar. A downside alteration was initiated and the amount confused beneath the $1,500 level. The amount additionally beneath beneath the 23.6% Fib retracement akin of the aftermost upside leg from the $1,030 low to $1,576 high. It opened the doors for a beyond alteration and the amount alike bankrupt the $1,300 abutment level.
However, the abatement was adequate by the $1,240-50 zone. Moreover, the 61.8% Fib retracement akin of the aftermost upside leg from the $1,030 low to $1,576 aerial additionally acted as a support. The downside move begin abutment about $1,240. A abject was formed and the amount resumed its uptrend. It is now aback aloft the $1,400 attrition and is trading in a bullish zone. There is additionally a above bullish trend band basic with abutment abreast $1,320 on the 4-hours blueprint of the BCH/USD pair. The brace charcoal able-bodied accurate on the downside about the $1,320-40 levels.
Looking at the chart, it seems like the amount may abide to move college and it could anon breach $1,500. A acknowledged breach aloft $1,500 may conceivably bright the aisle for a new aerial aloft $1,575 in the abreast term.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is boring affective aback in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now aloft the 55 level.
Major Support Level – $1,320
Major Resistance Level – $1,500
