THELOGICALINDIAN - Key Points
Bitcoin banknote amount begin abutment abreast $500 adjoin the US Dollar. BCH/USD is acclimation higher, but it could face sellers abreast the $530-535 zone.
Yesterday, we saw a fresh downside move beneath $550 in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace beneath beneath the $540 and $525 abutment levels. The bead was such that the amount activated the $500 abutment area. Later, buyers appeared and adequate added losses beneath $500. A low was formed at $502 and the amount started an upside correction.
It has confused aloft the 23.6% Fib retracement akin of the contempo abatement from the $549 aerial to $502 low. However, there are abounding hurdles on the upside abreast the $530 level. More importantly, there is a acute bearish trend band in abode with attrition at $530 on the alternate blueprint of the BCH/USD pair. Additionally, the 61.8% Fib retracement akin of the contempo abatement from the $549 aerial to $502 low is additionally at $531. Finally, the 100 alternate simple affective average is positioned abreast $530. Therefore, it won’t be accessible for BCH buyers to bright the $530 and $535 attrition levels.
Looking at the chart, BCH amount may abide to move higher, but upsides are acceptable to be capped by $535. Above this, the amount will best acceptable analysis the $550 attrition area in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accepting in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now aback aloft the 50 level.
Major Support Level – $500
Major Resistance Level – $535
