THELOGICALINDIAN - Key Points
Bitcoin banknote amount is placed accurately aloft the $700 axis akin adjoin the US Dollar. BCH/USD could advance assets aloft the $780 akin in the abreast term.
Bitcoin Cash Price Support
This accomplished week, there was a correction initiated from the $830 beat aerial in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace beneath and traded beneath the $800 and $750 abutment levels. It additionally beneath beneath the 50% Fib retracement akin of the aftermost beachcomber from the $865 low to $830 high. More importantly, there was a abutting beneath the $750 axis akin and the 100 simple affective boilerplate (4-hours).
It activated the $700 handle area buyers emerged. Moreover, a aloft bullish trend band with accepted abutment at $730 acted as a buy area on the 4-hours blueprint of the BCH/USD pair. Lastly, the 76.4% Fib retracement akin of the aftermost beachcomber from the $865 low to $830 aerial additionally acted as a support. The brace started a beginning advancement beachcomber and confused aloft the $750 axis akin and the 100 SMA. It opened the doors for added assets and the amount is now placed accurately aloft the $740 level.
Looking at the chart, the amount may dip a few credibility in the abreast appellation appear the $740 and $730 abutment levels. However, the amount activity suggests added assets as continued as the amount is aloft $710.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is now placed accurately 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 – $730
Major Resistance Level – $800
