THELOGICALINDIAN - Key Points
Bitcoin banknote amount struggled a lot afresh adjoin the US Dollar formed bottom. BCH/USD has to move aloft the $340 akin to accretion strength.
Bitcoin Cash Price Uptrend
This accomplished anniversary there was a apathetic and abiding abatement in BCH amount beneath the $350 akin adjoin the US Dollar. The amount traded towards the $300 level, which aloof managed to authority declines. There were alignment moves aloft the $300 akin and the amount is now attempting an upside move. During the upside move, there was a breach aloft two bearish trend curve with attrition at $310 on the 4-hours blueprint of BCH/USD.
The trend band breach is an auspicious assurance aloft $310. However, the amount needs to breach the 23.6% Fib retracement akin of the aftermost abatement from the $484 aerial to $290 low at $336. Once there is a breach and abutting aloft $336-340 levels, there is a adventitious of buyers accepting backbone in the abreast term. The abutting above stop for buyers should be about the $365 akin and the 38.2% Fib retracement akin of the last decline from the $484 aerial to $290 low.
As continued as the amount is aloft the $300 level, there is a adventitious of an upside move in BCH. However, if buyers abort to advance the amount aloft $335-340, there can be a retest of $300.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is hardly in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD has aloof confused aloft the 50 level.
Major Support Level – $300
Major Resistance Level – $340
Charts address – Trading View, Kraken