THELOGICALINDIAN - Key Points
Bitcoin banknote amount acquired absorption and rallied aloft $500 adjoin the US Dollar. BCH/USD is accumulation and charcoal accurate for added gains.
There was a solid affairs absorption emerged about the $450 akin in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace started an advancement move and traded aloft the $460 and $470 resistance levels. The amount activity was absolute as the amount acquired added than 20% and acclimatized aloft the 100 alternate simple affective average. The assemblage was such that the amount bankrupt the $500 barrier.
More importantly, the advancement move was accomplished afterwards yesterday’s accent important bearish trend band was breached with attrition at $442 on the alternate blueprint of the BCH/USD pair. The brace traded as aerial as $550 and after started a downside correction. It confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $425 low to $550 high. However, downsides were independent the by the $500 level. The mentioned $500 akin was a resistances beforehand and now it is acting as a support. Beneath this, the abutting above abutment is abreast $485. It represents the 50% Fib retracement akin of the aftermost beachcomber from the $425 low to $550 high.
Looking at the chart, BCH amount is trading accurately with a bullish bent aloft the $500 level. As continued as the amount is aloft $485 and $500, there could be added gains.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring abbreviation its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is able-bodied aloft the 55 level.
Major Support Level – $500
Major Resistance Level – $550
