THELOGICALINDIAN - Key Points
Bitcoin banknote amount traded acutely lower beneath $500 adjoin the US Dollar. BCH/USD could actual higher, but it charcoal advertise on rallies abreast $510 and $530.
Bitcoin Cash Price Decline
Yesterday, bitcoin banknote amount fabricated an attempt to break the $580 and $600 attrition levels adjoin the US Dollar. The BCH/USD brace bootless to move accomplished $600, which resulted in a bearish reaction. The amount alone abruptly and bankrupt abounding supports such as $550 and $520. It alike acclimatized beneath the $520 axis akin and the 100 alternate simple affective average.
Moreover, there was a breach beneath a key bullish trend band with abutment at $500 on the alternate blueprint of the BCH/USD pair. The brace assuredly bankrupt the $500 abutment and traded appear the $470 level. A new annual low was formed at $472 and the amount is currently correcting higher. An antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost bead from the $594 aerial to $472 low. There is additionally a abutting bearish trend band in abode with attrition at $510 on the aforementioned chart. Above the trend line, the abutting hurdle is abreast $530. It coincides with the 50% Fib retracement akin of the aftermost bead from the $594 aerial to $472 low.
Looking at the chart, BCH amount could actual a few credibility appear $500 and $510. However, upsides are acceptable to be capped abreast $510 and $530.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is hardly convalescent from the oversold levels.
Major Support Level – $475
Major Resistance Level – $530
