THELOGICALINDIAN - Key Points
Bitcoin banknote amount is trading accurately aloft the $540 abutment adjoin the US Dollar. BCH/USD charge breach $560 and $570 for a beginning account high.
Bitcoin Cash Price Support
After basic a aerial abreast the $576 level, bitcoin banknote amount corrected lower adjoin the US Dollar. The BCH/USD brace biconcave beneath the $560 abutment and traded abutting to the $540 abutment area. However, buyers dedicated added losses and an average low was formed abreast $545. Moreover, the 61.8% Fib retracement akin of the aftermost beachcomber from the $526 low to $576 aerial acted as a support.
The amount climbed college already again, but it is adverse attrition abreast the $560 and $570 resistances. It seems like the 50% Fib retracement akin of the contempo abatement from the $570 aerial to $545 low is acting as a hurdle. A breach aloft this could advance the amount appear a bearish trend band with attrition at $565 on the alternate blueprint of the BCH/USD pair. Aloft this, the amount will best acceptable breach the $570 and $576 attrition levels. On the downside, this week’s followed important bullish trend line with abutment at $545 is complete on the aforementioned chart.
Looking at the chart, BCH amount is placed accurately aloft the $540 and $545 supports. As continued as the amount is aloft $540, it is acceptable to barter college appear $570 and $600 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is affective aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is aloof beneath the 50 level.
Major Support Level – $540
Major Resistance Level – $570
