THELOGICALINDIAN - Key Points
Bitcoin banknote amount confused forth BTC adjoin the US Dollar. BCH/USD is now attempting a breach beneath a above abutment of $500.
Bitcoin Cash Price Support
Yesterday, due to Chinese Ban on ICOs all cryptocurrencies faced abundant affairs pressure, including Bitcoin banknote amount adjoin the US Dollar. The amount was looking to barter higher, but afterwards the news, there was a aciculate abatement beneath the $600 level. There was a abortion to breach the 61.8% Fib retracement akin of the aftermost bead from the $680 aerial to $575 low. The downside move was such that buyers bootless to assure a above abutment breadth abreast $560.
During the downside move, yesterdays accent a application triangle arrangement with abutment at $580 on the alternate blueprint of BCH/USD was additionally cleared. It has opened the doors for added losses. Recently, the amount traded as low as $501.00 and recovered. However, sellers appeared abreast the 23.6% Fib retracement akin of the abatement from the $680 aerial to $501 low. It seems like the amount has completed a alteration at $550 and acceptable to resume its downside.
On the downside, the aftermost beat low of $501 would be activated again. If buyers abort to assure $501, there can be a breach beneath $500 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is disturbing to balance from the contempo bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI is affective south and charcoal in the bearish zone.
Major Support Level – $500
Major Resistance Level – $540
Charts address – Trading View, Kraken
