THELOGICALINDIAN - Key Points
Bitcoin banknote amount is accumulation aloft $520 adjoin the US Dollar. BCH/USD could advance college already buyers bright the $530 attrition area.
Yesterday, we saw a decent upside move from the $500 abutment breadth in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace traded aloft the $520 akin and acclimatized aloft the 100 alternate simple affective average. Later, it acquired absorption and acicular aloft the $530 resistance, but it bootless to authority gains. An intraday aerial was formed at $531.6 and the amount started a downside correction.
It confused beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $498 low to $531 high. However, there are abounding supports on the downside abreast the $515 and $510 levels. There is additionally an ascendance approach in abode with abutment at $520 on the alternate blueprint of the BCH/USD pair. Beneath the approach support, the 100 alternate SMA is positioned abreast the $513 level. Moreover, the 50% Fib retracement akin of the contempo beachcomber from the $498 low to $531 aerial is at $515. Therefore, if the pair declines in the abbreviate term, it is acceptable to acquisition abutment abreast the $520 and $515 levels.
Looking at the chart, BCH amount is positioned accurately for added assets aloft $530. There could be a downside correction, but eventually or later, the amount may analysis $550.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently abreast the 50 level.
Major Support Level – $515
Major Resistance Level – $530
