THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to balance aloft $650 adjoin the US Dollar. BCH/USD has to break aloft $540 to abide in the bullish zone.
Bitcoin Cash Price Support
This accomplished anniversary was mostly bearish for BCH amount until it begin abutment abreast $540 adjoin the US Dollar. The amount formed a base abreast $540-550 and after started a correction. During the alteration wave, the amount was able to achieve aloft the $560 level. It opened the doors for a breach of the 23.6% Fib retracement akin of the aftermost abatement from the $940 aerial to $525 low.
Moreover, there was a breach aloft a aloft crumbling approach at $575 on the 4-hours blueprint of BCH/USD. It added opened the doors for added assets aloft $580 in the abreast term. The brace traded appear the 38.2% Fib retracement akin of the aftermost abatement from the $940 aerial to $525 low. It faced able offers abreast $680 and bootless to move further higher. As a result, there was a downside move and the amount is currently trading abreast $590.
On the downside, the $550-540 abutment breadth holds a lot of accent and charge authority if buyers accept to abide in control. On the upside, we charge a able abutting aloft $650 for a analysis of $800 during the accessible week.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is boring affective into the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 level.
Major Support Level – $540
Major Resistance Level – $650
Charts address – Trading View, Kraken
