THELOGICALINDIAN - Key Points
Bitcoin banknote amount mostly circumscribed abreast $500 adjoin the US Dollar. BCH/USD charge breach the $530-540 attrition area for a appropriate recovery.
Yesterday, there was addition breach beneath the $500 support in bitcoin banknote amount adjoin the US Dollar. However, the BCH/USD brace begin abutment abreast the aftermost beat low at $496 and after recovered. It traded aloft the $505 and $510 attrition levels to alpha a recovery. The amount climbed aloft the 50% Fib retracement akin of the contempo abatement from the $562 aerial to $496 low.
Moreover, there was a breach aloft a key bearish trend band with attrition at $510 on the alternate blueprint of the BCH/USD pair. However, the amount struggled to breach the $535-540 attrition area and the 100 alternate simple affective average. Besides, the amount was alone abreast the 61.8% Fib retracement akin of the contempo abatement from the $562 aerial to $496 low. As a result, the amount aloof and traded beneath the $520 level. At the outset, the amount seems to be accumulation aloft the $500 level. Buyers charge bright the $530, $535 and $540 attrition levels to alpha a appropriate rebound.
Looking at the chart, BCH amount may abide to breach aloft the $500 abutment area. Having said that, if buyers abide to abort abreast the $535 level, the amount may conceivably breach the $500 and $495 abutment levels.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is still placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently abreast the 50 levels.
Major Support Level – $500
Major Resistance Level – $535
