THELOGICALINDIAN - Key Points
Bitcoin banknote amount rocketed college appear $700 adjoin the US Dollar. BCH/USD is currently acclimation and captivation an important abutment at $600.
Bitcoin Cash Price Support
It was a bullish week for Bitcoin banknote amount as it climbed aloft the $500 and $600 levels adjoin the US Dollar. The amount alike fabricated a nice upside move aloft $650 to analysis the $700 handle. However, it bootless at $684 and started a downside correction. There was a downside acknowledgment appear beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $430 low to $684 high.
However, the downside move begin abutment abreast $585. The 38.2% Fib retracement akin of the aftermost beachcomber from the $430 low to $684 aerial additionally adequate losses. On the downside, there is a aloft bullish trend band basic with abutment at $600 on the 4-hours blueprint of BCH/USD. As continued as the brace charcoal aloft the trend band support and $600, it is acceptable to abide affective higher. On the upside, the $650 and $685 levels are attrition levels. However, the best important attrition is abreast $700.
On the added hand, a breach of $600 could burn a beachcomber appear $550 and the 50% Fib retracement akin of the aftermost beachcomber from the $430 low to $684 high. The all-embracing trend is bullish as continued as the amount is aloft $600.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is hardly in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is affective lower appear the 60 level.
Major Support Level – $600
Major Resistance Level – $685
Charts address – Trading View, Kraken
