THELOGICALINDIAN - Key Points
Bitcoin banknote amount is beneath burden beneath $550 adjoin the US Dollar. BCH/USD could abide to move bottomward appear the $500 or $480 level.
Bitcoin Cash Price Analysis
This accomplished week, there was a decent upward move from the $480 beat low in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace traded aloft the $520 and $550 attrition levels and acclimatized aloft the 100 simple affective boilerplate (4-hours). The upside move acquired clip aloft the $600 and the amount traded as aerial as $637. Later, there was a downside alteration and the amount confused beneath the $580 and $550 supports.
The amount traded as low as $521 and it is currently accumulation losses. An antecedent attrition on the upside is abreast $545-550. The 23.6% Fib retracement akin of the contempo accelerate from the $538 beat aerial to $521 low is additionally abreast $550. More importantly, there is a aloft bearish trend band in abode with attrition at $550 on the 4-hours blueprint of the BCH/USD pair. Therefore, a breach aloft the trend band and $555 is bare for a recovery. However, the amount is acceptable to attempt abreast the $575-580 attrition zone. Besides, the 50% Fib retracement akin of the contempo accelerate from the $538 beat aerial to $521 low is additionally abreast $580.
Looking at the chart, BCH amount may beat the $550 resistance, but it is acceptable to face a able attrition abreast $575-580. Therefore, it could alike breach the $521 low and abatement appear $500 or $480.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is aback in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently beneath the 50 level.
Major Support Level – $520
Major Resistance Level – $580
