THELOGICALINDIAN - Key Points
Bitcoin banknote amount is convalescent afterwards basic a new low beneath $500 adjoin the US Dollar. BCH/USD is acceptable to face sellers abreast $570 in the abbreviate term.
Bitcoin Cash Price Resistance
This anniversary was mostly bearish for Bitcoin banknote amount as it confused beneath $550 adjoin the US Dollar. Yesterday, I acicular out that the amount ability analysis the $500 level. The amount not alone activated the $500 level, but additionally breached the declared akin appear $470. There was alike a breach beneath the 1.618 addendum of the aftermost beachcomber from the $551 low to $625 high. BCH is acutely in a declivity and acceptable to abide lower beneath $600.
The best important point was analysis and breach of $500. The amount traded as low as $471 and currently acclimation higher. It has confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $625 aerial to $471 low. However, there was a abortion to breach the $530 level. Buyers additionally struggled to breach the 38.2% Fib retracement akin of the last decline from the $625 aerial to $471 low. However, the best important attrition is about the $560 level.
The trend is bearish back this week’s accent bottomward approach arrangement with accepted attrition at $570 on the alternate blueprint of BCH/USD is still active. Selling rallies abreast $570 ability be advised with a stop aloft $580.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is recovering, but accident momentum.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloft the 50 level.
Major Support Level – $470
Major Resistance Level – $570
Charts address – Trading View, Kraken
