THELOGICALINDIAN - Key Points
Bitcoin banknote amount rallied afresh aloft $500 adjoin the US Dollar. BCH/USD is now in an uptrend and dips abide accurate on the downside.
In the account analysis, we discussed the affairs of bitcoin banknote amount surpassing the $500 barrier adjoin the US Dollar. The BCH/USD brace did barter college and bankrupt abounding resistances abreast the $550 level. It traded abutting to the $600 akin and formed a aerial at $589. Later, the amount started a downside alteration and beneath beneath $560. There was a breach beneath the 23.6% Fib retracement akin of the contempo beachcomber from the $456 low to $489 high.
However, there are many supports on the downside abreast $520. More importantly, there is a above bullish trend band formed with abutment at $522 on the alternate blueprint of the BCH/USD pair. The trend band is abutting to the 50% Fib retracement akin of the contempo beachcomber from the $456 low to $489 high. Therefore, if the brace continues to move down, it is acceptable to acquisition bids abreast $520 in the abreast term. If there is a breach beneath the $520 zone, the abutting abutment is abreast the $500 handle.
Looking at the chart, BCH amount is acutely placed in an uptrend aloft the $500 handle. In the abbreviate term, there could be antidotal moves afore the abutting assemblage aloft $560 and $580.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD confused aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is aloof abreast the 50 level.
Major Support Level – $520
Major Resistance Level – $580
