THELOGICALINDIAN - Key Points
Bitcoin banknote amount is beneath burden beneath $550 adjoin the US Dollar. BCH/USD could advance losses appear the $500 and $480 abutment levels.
There was a slow and abiding decline accomplished from able-bodied aloft $600 in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace bankrupt the $580 and $550 abutment levels to move into a bearish zone. The abatement was such that there was a abutting beneath the $550 abutment and the 100 alternate simple affective average. The amount afresh traded beneath the $521 low and formed a new low at $510.
Later, there was a accessory upside alteration aloft $520. The amount traded aloft the 23.6% Fib retracement akin of the contempo abatement from the $561 aerial to $510 low. However, the amount struggled to move aloft the $525-530 resistance. There is additionally a acute bearish trend line formed with attrition at $535 on the alternate blueprint of the BCH/USD pair. Aloft the trend line, the 50% Fib retracement akin of the contempo abatement from the $561 aerial to $510 low is a aloft hurdle abreast the $536 level. Therefore, a able abutting aloft the $535 and $540 levels is appropriate for a appropriate recovery.
Looking at the chart, BCH amount is acutely at a accident of added slides appear the $500 abutment as continued as it is beneath $540 and $550.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is mostly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied beneath the 50 akin with a bearish angle.
Major Support Level – $500
Major Resistance Level – $540
