THELOGICALINDIAN - Key Points
Bitcoin banknote amount formed a abject abreast $500 adjoin the US Dollar. BCH/USD is assuming absolute signs for a analysis of the $580 and $600 levels.
Bitcoin Cash Price Trend
After a cogent decline, bitcoin banknote amount found support abreast the $500 and $510 levels adjoin the US Dollar. The BCH/USD brace formed a low at $509 and after it started an upside move. The amount traded college and bankrupt the $520 and $530 attrition levels. There was a breach aloft the 38.2% Fib retracement akin of the aftermost abatement from the $611 aerial to $509 low.
Moreover, there was a breach aloft a key bearish trend band with attrition at $545 on the alternate blueprint of the BCH/USD pair. The brace acquired absorption and bankrupt the $550 akin and the 100 alternate simple affective average. At the moment, the amount is trading with a positive bias aloft the $550 level. An alternate abutting aloft the 50% Fib retracement akin of the aftermost abatement from the $611 aerial to $509 low is bare for added gains. Aloft $560-570, the amount will best acceptable advance appear the abutting attrition at $580 and $600.
Looking at the chart, BCH amount is could abide to move college if buyers abide in activity aloft $560. If there is a downside reaction, the burst resistances at $540 and $530 are acceptable to act as supports.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is affective accurately in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied aloft the 50 level.
Major Support Level – $540
Major Resistance Level – $570
