THELOGICALINDIAN - Key Points
Bitcoin banknote amount started a downside alteration from the $640 beat aerial adjoin the US Dollar. BCH/USD is currently accumulation abreast $575 and it could animation back.
Yesterday, there were extended assets aloft the $600 resistance in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace traded aloft the $620 attrition and acclimatized aloft the 100 alternate simple affective average. The amount traded as aerial as $637 afore sellers appeared. As a result, there was a downside alteration and the amount confused beneath the $600 level.
During the decline, the amount bankrupt the 50% Fib retracement akin of the aftermost leg from the $534 low to $637 high. Moreover, there was a breach beneath a key bullish trend band with abutment at $605 on the alternate blueprint of the BCH/USD pair. The brace continued losses and it is currently trading abreast a above abutment at $575 and the 100 alternate simple affective average. Besides, the 61.8% Fib retracement akin of the aftermost leg from the $534 low to $637 aerial is additionally abreast $575. Therefore, the amount is acceptable to animation aback appear $600 and $620.
Looking at the chart, BCH amount assuming absolute signs aloft the $575 support. There could be a beginning bearish move, but the amount is acceptable to breach aloft the $540-550 zone. On the upside, a breach aloft the $620 attrition may advance the amount aloft $650.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is able-bodied beneath the 50 level.
Major Support Level – $575
Major Resistance Level – $600
