THELOGICALINDIAN - Key Points
Bitcoin banknote amount is boring affective college adjoin the US Dollar. BCH/USD is acceptable to abide college already buyers accretion drive aloft the $525 level.
This accomplished week, there was a cogent downside move beneath the $550 support in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace traded beneath the $540 and $520 abutment levels. There was alike a fasten beneath the $500 akin and a low was formed at $498. Later, buyers appeared and pushed the amount aback aloft the $500 level. Later, the amount acquired drive and confused aloft the $510 and $515 attrition levels.
There was additionally a breach aloft the 61.8% Fib retracement akin of the aftermost abatement from the $523 aerial to $498 low. More importantly, there was a breach aloft a acute bearish trend band with attrition at $512 on the alternate blueprint of the BCH/USD pair. The brace is now trading accurately aloft the $510 akin and the 100 alternate simple affective average. It traded abutting to the $525 attrition and is currently consolidating. On the upside, the abutting attrition is abreast $530 and the 1.236 Fib addendum akin of the last decline from the $523 aerial to $498 low. Aloft $530, the amount could barter appear the $540 level, which is abreast the 1.618 Fib extension.
Looking at the chart, BCH amount is now placed accurately in a absolute area aloft $510 and it could analysis $530 and $540 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is able-bodied aloft the 50 level.
Major Support Level – $510
Major Resistance Level – $530
