THELOGICALINDIAN - Key Points
Bitcoin banknote amount formed a top abreast the $575 akin and beneath adjoin the US Dollar. BCH/USD is captivation the $500 support, but it charcoal at accident of added losses.
Bitcoin Cash Price Decline
Yesterday, we saw a sharp advancement move aloft the $550 akin in bitcoin banknote amount adjoin the US Dollar. However, the BCH/USD brace bootless to break aloft the $560 level, formed a top at $574, and after beneath sharply. There was a aciculate downside move and the amount beneath aback beneath the $550 level. There was additionally a abutting beneath the $550 abutment and the 100 alternate simple affective average.
Besides, there was a breach beneath a above bullish trend band with abutment at $530 on the alternate blueprint of the BCH/USD pair. The brace additionally traded beneath the $520 abutment and beneath appear $500. A low was formed at $509 and the amount is currently accumulation losses. It is testing the 23.6% Fib retracement akin of the aftermost bead from the $574 aerial to $509 low. Above the $525 resistance, the amount could barter appear the $540 resistance. It now represents the 50% Fib retracement akin of the aftermost bead from the $574 aerial to $509 low. Moreover, the 100 alternate simple affective boilerplate is additionally positioned abreast the $545 akin to prevent gains.
Looking at the chart, BCH amount is aback to area it started about $500. Should there be a breach beneath $500, the amount may conceivably abatement to $480.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied beneath the 50 level.
Major Support Level – $500
Major Resistance Level – $540
