THELOGICALINDIAN - Key Points
Bitcoin banknote amount is placed accurately aloft the $520 abutment adjoin the US Dollar. BCH/USD may advance appear the $560-570 attrition area if buyers accretion momentum.
Yesterday, we discussed a consolidation pattern aloft the $500 abutment in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace formed a appropriate abutment aloft the $500 and $510 levels. Later, the amount acquired absorption and confused aloft the $525 attrition and the 100 alternate simple affective average. Buyers were acknowledged in allowance the 23.6% Fib retracement akin of the downside move from the $590 beat aerial to $510 beat low.
Additionally, yesterday’s accent abutting bearish trend band with attrition at $535 was breached on the alternate blueprint of the BCH/USD pair. The brace is currently placed accurately aloft the $530 akin and the 100 alternate SMA. The abutting attrition awaits abreast $550 and the 50% Fib retracement akin of the downside move from the $590 beat aerial to $510 beat low. Aloft $550, the abutting actual barrier is at $560, which is the 61.8% Fib level. The final ambition for buyers could the $570 attrition and the axis level.
Looking at the chart, BCH amount is accepting absorption afterwards basic the $510 support. As continued as the amount is aloft the $520 level, there could be added assets appear the $560 and $570 levels in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accepting drive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied aloft the 60 level.
Major Support Level – $520
Major Resistance Level – $560
