THELOGICALINDIAN - Key Points
Bitcoin banknote amount is assertive to extend assets aloft $600 adjoin the US Dollar. BCH/USD is placed accurately aloft the $550 abutment breadth and the 100 alternate SMA.
Bitcoin Cash Price Trend
There was a decent downside correction from the $612 aerial in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace beneath and traded beneath the $600 and $560 abutment levels. However, the abatement was adequate by the $540-550 abutment zone. A low was formed abreast $537 and after the amount started a beginning advancement move. It traded aloft the 38.2% Fib retracement akin of the aftermost accelerate from the $612 aerial to $537 low.
The amount additionally traded aloft the $570 akin and it is currently accumulation beneath $590-600. Moreover, it is testing the 50% Fib retracement akin of the aftermost accelerate from the $612 aerial to $537 low. Once it assets drive aloft the $590 resistance, it will best acceptable beat the $600 resistance. Aloft $600, the amount could revisit the aftermost beat aerial at $612. On the downside, there is a above bullish trend band formed with abutment at $560 on the alternate blueprint of the BCH/USD pair. More importantly, it seems like there is a able abutment basic abreast $540-550 and the 100 alternate simple affective average.
Looking at the chart, BCH amount is positioned accurately for added assets aloft $600 as continued as it is aloft the $540 abutment area.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed hardly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied aloft the 50 level.
Major Support Level – $540
Major Resistance Level – $590
