THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback in a absolute area aloft $550 adjoin the US Dollar. BCH/USD is acceptable to extend assets already it completes the accepted correction.
Bitcoin Cash Price Trend
Yesterday, we saw a decent upside move aloft the $530 attrition akin in bitcoin banknote amount adjoin the US Dollar. Later, the BCH/USD brace continued assets and traded aloft the $550 and $560 attrition levels. The upside move was able as the amount traded as aerial as $575. Later, the amount started a downside move and beneath beneath $570. There was additionally a breach beneath the 23.6% Fib retracement akin of the aftermost leg from the $525 low to $575 high.
However, there are abounding supports on the downside abreast the $550 level. An antecedent abutment is abreast $555, which is additionally a axis zone. Moreover, there are two bullish trend curve formed with abutment at $555 and $535 on the alternate blueprint of the BCH/USD pair. Below the aboriginal trend line, the 50% Fib retracement akin of the aftermost leg from the $525 low to $575 aerial is at $550. Therefore, the $550 and $555 levels are acceptable to act as able supports if the amount corrects lower further.
Looking at the chart, BCH amount is currently beat from highs, but dips abide accurate abreast $550. On the upside, the $575 and $580 levels are important hurdles for buyers in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring affective aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective lower appear the 50 level.
Major Support Level – $550
Major Resistance Level – $575
