THELOGICALINDIAN - Key Points
Bitcoin banknote amount is currently accumulation aloft $500 adjoin the US Dollar. BCH/USD charge beat the 100 alternate SMA to barter to a new account high.
There were mostly absolute moves aloft the $500 akin in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace afresh adapted lower afterwards trading appear the $600 level. It traded as low as $509 and after started consolidating. It traded aloft the 23.6% Fib retracement akin of the aftermost abatement from the $591 aerial to $509 low. However, the upside move was capped by the $550 attrition zone.
More importantly, there is a key bearish trend band in abode with attrition at $540 on the alternate blueprint of the BCH/USD pair. The brace additionally bootless to bright the 50% Fib retracement akin of the aftermost abatement from the $591 aerial to $509 low. Additionally, the 100 alternate simple affective average is additionally positioned abreast the $540 level. Therefore, the $540 and $550 levels are important hurdles for buyers. Above these, the amount will best acceptable barter appear the $590 and $600 levels in the abreast term. On the downside, the key abutment is at $510.
Looking at the chart, BCH amount is attempting to beat the trend line, $540, and the 100 alternate SMA. However, buyers are disturbing to accretion momentum. Therefore, there could be a accessory downside acknowledgment afore the amount break $550.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently abreast the 50 level.
Major Support Level – $510
Major Resistance Level – $550
