THELOGICALINDIAN - Key Points
Bitcoin banknote amount is captivation the $500 abutment adjoin the US Dollar. BCH/USD may barter aloft the $535 attrition to analysis the $555 attrition in the abreast term.
Bitcoin Cash Price Correction
Yesterday, we saw a sharp downside move in bitcoin banknote amount from able-bodied aloft the $600 akin adjoin the US Dollar. The BCH/USD brace alike bankrupt the $550 abutment and traded beneath $500 and the 100 alternate simple affective average. It traded as low as $485 and after started an upside correction. It boring confused aloft the $500 akin and the $505 resistance.
Recently, buyers were able to advance the amount aloft the $520 level. Moreover, there was a breach aloft the 23.6% Fib retracement akin of the aftermost accelerate from the $533 beat aerial to $485 low. However, there are abounding resistances on the upside abreast the $530 and $535 levels. There is additionally a concise ascendance approach basic with attrition at $530 on the alternate blueprint of the BCH/USD pair. If there is a breach aloft the approach resistance, the amount could breach the $535 resistance. Aloft $535, the next above hurdle is abreast the $550-555 zone. The 50% Fib retracement akin of the aftermost accelerate from the $533 beat aerial to $485 low is additionally at $559.
Looking at the chart, BCH amount may actual college in the abbreviate term, but upsides are acceptable to be capped by $535 or 555.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloft the 50 level.
Major Support Level – $500
Major Resistance Level – $530
