THELOGICALINDIAN - Key Points
Bitcoin banknote amount surged college and bankrupt a key attrition at $340 adjoin the US Dollar. BCH/USD has now angry buy on dips in the abbreviate term.
Bitcoin Cash Price Support
This accomplished week, we saw abounding attempts by Bitcoin banknote amount to breach the $340-350 attrition adjoin the US Dollar. The amount did move college and administer to breach the mentioned $340 and $350 attrition levels. The upside move was actual absolute and the amount alike succeeded in allowance the $400 handle. There was additionally a abutting aloft $350, $380 and the 100 simple affective boilerplate (4-hour).
Moreover, there was a breach aloft a acute bearish trend band with attrition at $345 on the 4-hours blueprint of BCH/USD. All this agency that the brace is aback in the bullish area aloft $350. It traded as aerial as $425.10 afresh and is currently acclimation lower. An antecedent abutment on the downside is about the 23.6% Fib retracement akin of the aftermost beachcomber from the $306 low to $425 aerial abreast $395-400. The declared fib akin and the $395 abutment is a key area back it was additionally a attrition earlier.
Below $395, the best important abutment is abreast $365. It is additionally the 50% Fib retracement akin of the aftermost beachcomber from the $306 low to $425 high. Overall, affairs dips in the abbreviate appellation against $380-365 can be considered.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is now aback in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought levels.
Major Support Level – $365
Major Resistance Level – $425
Charts address – Trading View, Kraken
