THELOGICALINDIAN - Key Points
Bitcoin banknote amount bootless to achieve aloft $600 and beneath adjoin the US Dollar. BCH/USD is currently testing an important abutment breadth abreast $540.
Bitcoin Cash Price Support
After a aloft decline, bitcoin banknote amount begin abutment abreast the $465 akin adjoin the US Dollar. The BCH/USD brace started a recovery and confused aloft the $500, $520, $540 and $580 attrition levels. There was alike a fasten aloft the $600 level. However, the amount bootless to achieve aloft the $600 akin and begin sellers abreast the 100 simple affective boilerplate (4-hours). A aerial was formed at $613.7 and the amount started declining.
It bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $468 low to $613 high. However, the amount is now trading abreast a above abutment breadth at $540. The declared area abreast $540-550 acted as a abutment beforehand and it could anticipate declines this time. There is additionally a above application triangle basic with abutment abreast $545 on the 4-hours blueprint of the BCH/USD pair. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $468 low to $613 aerial is abreast $540. Therefore, a breach and abutting beneath the $540 abutment could advance the amount aback in a bearish zone.
Looking at the chart, BCH amount is currently captivation the $540 support. If it continues to hold, it could animation aback appear $600 and $620.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is about to move aback into the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof abreast the 50 level.
Major Support Level – $540
Major Resistance Level – $600
