THELOGICALINDIAN - Key Points
Bitcoin banknote amount is trading in a bullish area aloft $500 adjoin the US Dollar. BCH/USD may abide to acquisition buyers on the downside abreast $500 and $480.
Bitcoin Cash Price Decline
This accomplished week, there was a solid rally in bitcoin banknote amount from the $400 abutment area adjoin the US Dollar. The BCH/USD brace surged aloft the $450 and $500 attrition levels to move into a absolute zone. There was alike a abutting aloft the $475 akin and the 100 simple affective boilerplate (4-hours). The amount traded as aerial as $592 and after started a downside correction.
It adapted beneath the 23.3% Fib retracement akin of the aftermost beachcomber from the $424 low to $592 high. However, the downside move was adequate by the $500-510 abutment area, which was a attrition earlier. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $424 low to $592 aerial additionally acted as a support. At the moment, there is a key application triangle in abode with abutment abreast $510 on the 4-hours blueprint of the BCH/USD pair. The brace is acceptable to accomplish the next move anon either aloft $550 or beneath $510. Aloft $550, the amount will best acceptable revisit the $600 zone.
Looking at the chart, BCH amount is assuming a lot of absolute signs aloft the $500 level. As continued as the declared abutment is intact, there could be added assets appear $580, $600 and $620.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is hardly in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is aloft the 50 level.
Major Support Level – $500
Major Resistance Level – $550
