THELOGICALINDIAN - Key Points
Bitcoin banknote amount afterwards a alteration struggled to abide aloft $700 adjoin the US Dollar. BCH/USD is afresh bearish and acceptable to retest $550.
Bitcoin Cash Price Trend
There was a appropriate action in BCH amount this accomplished anniversary as it begin abutment abreast $500 adjoin the US Dollar. The amount acquired abundant bids and was able to fasten aloft the $550 and $600 attrition levels. It alike managed to move aloft the 38.2% Fib retracement akin of the aftermost bead from the $938 aerial to $501 low. It was a absolute assurance and helped buyers in blame the amount aloft $700.
During the upside, there was a breach aloft a key bottomward approach at $590 on the 4-hours blueprint of BCH/USD. However, the amount bootless to abide aloft the $700 akin for a continued time. After trading as aerial as $724.8, there was a downside reaction. The brace is already afresh affective lower and already breached the 50% Fib retracement akin of the last wave from the $501 low to $724 high. At the moment, the amount is trading abreast the burst approach trend band at $575.
A breach beneath could booty the amount appear the 76.4% Fib retracement akin of the aftermost beachcomber from the $501 low to $724 high. The downside burden charcoal complete and added losses appear $550 are actual likely.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is currently in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is branch appear the oversold levels.
Major Support Level – $550
Major Resistance Level – $640
Charts address – Trading View, Kraken
