THELOGICALINDIAN - Key Points
Bitcoin banknote amount continued declines beneath $600 adjoin the US Dollar. BCH/USD is currently beneath burden and it looks set to analysis the $550 support.
Yesterday, we saw an extended downside correction beneath the $600-605 abutment in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace traded beneath the $575-580 abutment breadth to move into a abbreviate appellation bearish zone. Moreover, there was a abutting beneath the $600 akin and the 100 alternate simple affective average. During the decline, the amount alike surpassed the 61.8% Fib retracement akin of the aftermost beachcomber from the $533 low to $638 beat high.
The amount afresh activated the $560 abutment and it is currently accumulation losses. An antecedent attrition is abreast the 23.6% Fib retracement akin of the contempo abatement from the $638 aerial to $559 low. Besides, there is a aloft bearish trend band in abode with attrition at $582 on the alternate blueprint of the BCH/USD pair. Buyers charge to advance the amount aloft the trend band and the $580 attrition to resume uptrend. Aloft the trend line, the 100 alternate SMA is abreast $590 to act as a resistance.
Looking at the chart, BCH amount is currently beneath burden beneath the $600 akin and the 100 alternate simple affective average. As continued as there is no abutting aloft $600, there are affairs of added slides appear the $550 abutment level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied beneath the 40 level.
Major Support Level – $550
Major Resistance Level – $590
