THELOGICALINDIAN - Key Points
Bitcoin banknote amount alone decidedly beneath $550 adjoin the US Dollar. BCH/USD is recovering, but it could face a lot of sellers abreast $525 and $550.
Bitcoin Cash Price Decline
Yesterday, we discussed an important resistance abreast $645 and $650 in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace started a aciculate downside move and beneath added than $100 beneath $550. There was alike a breach beneath the $500 akin and the amount acclimatized beneath the 100 alternate simple affective average. A low was formed abreast $485 and the amount is currently acclimation higher.
On the upside, an antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $648 aerial to $485 low. There is additionally a key bearish trend band basic with attrition at $525 on the alternate blueprint of the BCH/USD pair. If the amount break the trend line, it could barter appear the $550 resistance area. Aloft this, the abutting hurdle for buyers is abreast $565. It represents the 50% Fib retracement akin of the aftermost abatement from the $648 aerial to $485 low. On the added hand, if the amount fails to move aloft $525 and $550, it could bead afresh beneath $500.
Looking at the chart, BCH amount is beneath a lot of burden and any recoveries are acceptable to be capped abreast $525, $530 or $550.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring convalescent from the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied beneath the 40 level.
Major Support Level – $500
Major Resistance Level – $525
