THELOGICALINDIAN - Key Points
Bitcoin banknote amount bootless abreast key resistances adjoin the US Dollar. BCH/USD is branch south and there could be added losses appear the $500 level.
Yesterday, we discussed a possible upside move if bitcoin banknote amount bright the $550 attrition adjoin the US Dollar. The BCH/USD brace bootless to accretion absorption aloft the $550 level. There was additionally a bounce acclaimed abreast the 50% Fib retracement akin of the aftermost abatement from the $591 aerial to $508 low. The amount started a beginning downside move and traded beneath the $530 support.
During the decline, there was a breach beneath a key bullish trend band with abutment at $525 on the alternate blueprint of the BCH/USD pair. The brace additionally austere the aftermost beat low at $520. It activated the 1.236 Fib addendum akin of the aftermost beachcomber from the $520 low to $549 high. If sellers abide in control, there could be more losses in the abreast appellation appear the $510 and $500 abutment levels. An average abutment is at $502 and the 1.618 Fib addendum akin of the aftermost beachcomber from the $520 low to $549 high. On the upside, the $525-530 area may now act as a resistance.
Looking at the chart, BCH amount is now trading able-bodied beneath the 100 alternate SMA and $530. As continued as there is no abutting aloft the 100 alternate SMA, there is a accident of added losses appear $500.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective appear the 25 level.
Major Support Level – $500
Major Resistance Level – $530
