THELOGICALINDIAN - Key Points
Bitcoin banknote amount is placed accurately aloft the $540 abutment adjoin the US Dollar. BCH/USD charcoal accurate on dips abreast the $540 and $525 levels.
There was an increase in affairs interest for bitcoin banknote amount aloft the $520 akin adjoin the US Dollar. The BCH/USD brace completed a downside alteration bygone at $510. Later, the brace acquired absorption and fabricated a nice upside move aloft the $525 and $540 levels. The amount activity was such that buyers acquired ascendancy aloft the $540 akin and the amount acquired substantially.
During the rise, there was a breach aloft a bullish banderole arrangement with attrition at $522 on the alternate blueprint of the BCH/USD pair. The brace bankrupt the $580 attrition and traded abutting to the $600 level. A new account aerial was formed at $592 afore the amount adapted lower. It confused bottomward beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $503 low to $592 high. On the downside, there are abounding supports aloft the $540 level. An immediate support is at $550. Beneath this, the 50% Fib retracement akin of the aftermost beachcomber from the $503 low to $592 aerial is at $547.
Looking at the chart, BCH amount is trading in an uptrend aloft the $540 level. On the upside, a breach aloft $590 and $600 could advance assets in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is able-bodied aloft the 50 level.
Major Support Level – $540
Major Resistance Level – $590
