THELOGICALINDIAN - Key Points
Bitcoin banknote amount bootless to balance aloft the $600 akin adjoin the US Dollar. BCH/USD is now at accident of added declines appear the $500 handle.
Bitcoin Cash Price Bearish Bias
This anniversary seems to be a bearish one for Bitcoin banknote amount as it confused beneath $650 and $600 adjoin the US Dollar. The amount is in a crumbling aisle and afresh traded beneath the $550 level. A new account low was formed abreast $520.39 from area the amount is attempting a recovery. An antecedent hurdle on the upside sits about the 23.6% Fib retracement akin of the aftermost bead from the $660 aerial to $520 low.
However, a balance won’t be accessible as there are abounding hurdles on the upside abreast $600 and $620. Most importantly, this week’s accent a bottomward approach arrangement with attrition abreast $600 on the alternate blueprint of BCH/USD is a above barrier. The approach is acting as a bearish bent average for the amount beneath $650. As continued as the amount is beneath the channel resistance at $600, it may abide to decline.
The approach attrition is now abreast the 50% Fib retracement akin of the aftermost bead from the $660 aerial to $520 low. Therefore, the $600 akin could prove to be a acute attrition in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is affective accurately in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is able-bodied beneath the 50 akin and disturbing to move higher.
Major Support Level – $500
Major Resistance Level – $600
Charts address – Trading View, Kraken
