THELOGICALINDIAN - Key Points
Bitcoin banknote amount is currently able-bodied beneath $530 adjoin the US Dollar. BCH/USD ability advance declines already there is a abutting beneath the $500 level.
Yesterday, we discussed that bitcoin banknote amount is clearly at a accident of added slides appear the $500 abutment adjoin the US Dollar. The BCH/USD brace remained in a bearish area and it struggled to move accomplished the $530 resistance. The amount alike traded beneath the $500 akin and formed a low at $495. Later, there was a accessory upside alteration aloft $500 and $505. Buyers pushed the amount aloft the 23.6% Fib retracement akin of the aftermost accelerate from the $560 beat aerial to $495 low.
However, the amount struggled to breach the $525-530 resistance zone. Besides, the 50% Fib retracement akin of the aftermost accelerate from the $560 beat aerial to $495 low additionally prevented gains. More importantly, yesterday’s accent key bearish trend band is complete with attrition at $515 on the alternate blueprint of the BCH/USD pair. There was a apocryphal breach acclaimed aloft the trend band aback the amount bootless to achieve aloft $530. Sellers pushed the amount aback beneath $510 and it is currently able-bodied beneath the 100 alternate simple affective average.
Looking at the chart, BCH amount beneath a lot of burden beneath $510 and $520. If there is no advancement move, it could advance losses beneath $500.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed able-bodied beneath the 50 level.
Major Support Level – $500
Major Resistance Level – $520
