THELOGICALINDIAN - Key Points
Bitcoin banknote amount is acclimation lower adjoin the US Dollar. It seems like BCH/USD is abutting a above abutment breadth abreast $470.
Bitcoin Cash Price Support
Yesterday, we saw how Bitcoin banknote amount traded appear the $550 level adjoin the US Dollar. The amount traded as aerial as $549 afore award sellers and starting a correction. During the downside move, there was a breach beneath the 23.6% Fib retracement akin of the aftermost leg from the $301 low to $549 high. It austere the aisle for added declines beneath $500 in the abreast term.
The best important breach was beneath one of the two bullish trend curve with abutment abreast $495 and $470 on the alternate blueprint of BCH/USD. The amount is now branch appear a key abutment breadth abreast $470. The additional bullish trend band is abreast $470 forth with the 38.2% Fib retracement akin of the aftermost leg from the $301 low to $549 high. The all-embracing arrangement looks corrective as continued as the amount stays aloft $470. If there is a breach and abutting beneath $470, the amount could barter added lower.
On the downside, the abutting abutment lies about the 50% Fib retracement akin of the aftermost leg from the $301 low to $549 aerial at $426. On the upside, the $500 handle is an antecedent attrition followed by $525.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is now in the bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is abutting appear the oversold levels.
Major Support Level – $470
Major Resistance Level – $525
Charts address – Trading View, Kraken
