THELOGICALINDIAN - Key Points
Bitcoin banknote amount is placed heavily in an uptrend aloft $550 adjoin the US Dollar. BCH/USD traded as aerial as $629 afore it started a downside correction.
Yesterday, we discussed about more gains aloft the $560 attrition in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace started a beginning advancement move and traded aloft the $580 and $600 attrition levels. A new account aerial was formed at $629 afore the amount started a downside correction. However, the amount is still trading able-bodied aloft the $550 abutment and the 100 alternate simple affective average.
On the downside, an antecedent abutment is abreast the 23.6% Fib retracement akin of the contempo upside from the $541 low to $629 high. Moreover, there is a above bullish trend band formed with abutment at $580 on the alternate blueprint of the BCH/USD pair. The trend band abutment is abreast the 50% Fib retracement akin of the contempo upside from the $541 low to $629 high. Therefore, if the amount declines from the accepted levels, it could acquisition a strong support abreast the $580 zone. Below the declared zone, the amount may revisit the key $550 abutment and the 100 alternate SMA.
Looking at the chart, BCH amount is placed in an uptrend aloft the $550 support. Dips from the accepted levels abide accurate abreast $580 and $575. On the upside, the amount could analysis $650 if there is a breach aloft $630.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still aloft the 50 level.
Major Support Level – $580
Major Resistance Level – $630
