THELOGICALINDIAN - Bitcoin banknote amount beneath heavily and activated the 225 abutment area BCH is currently convalescent but it is acceptable to face a able barrier abreast the 248 and 250 attrition levels
Bitcoin Cash Price is Facing Hurdles
This month, bitcoin banknote amount topped abreast the $265 akin and started a beginning decline. It bankrupt the $250 abutment zone and the 100 simple affective boilerplate (4-hours) to move into a bearish zone.
The abatement was such that BCH alike bankrupt the $230 akin and activated the $225 abutment area. Recently, it started an upside alteration (similar to bitcoin) aloft the $230 resistance. There was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $259 aerial to $225 low.
It seems like there is a crumbling approach basic with attrition abreast $238 on the 4-hours blueprint of the BCH/USD pair. If there is an upside breach aloft the approach attrition at $238, the amount could balance appear the $246 attrition zone.
An average attrition is abreast $241 or the 50% Fib retracement akin of the bottomward move from the $259 aerial to $225 low. The capital attrition is abreast the $246, $248 and $250 levels.
There is additionally a above bearish trend band basic with attrition abreast $248 on the aforementioned chart. Therefore, bitcoin banknote amount charge breach the $248 and $250 attrition levels to move into a absolute area in the abreast term.
Fresh Decline in BCH?
If bitcoin banknote amount fails to abide college aloft $240 and stays beneath the 100 simple affective boilerplate (4-hours), it could resume its decline. An antecedent abutment is abreast the $230 level.
The aboriginal aloft abutment is abreast the $225 level, beneath which the amount ability attempt to break aloft the capital $220 abutment level. In the mentioned case, the amount ability abatement appear the $200 handle in the advancing sessions.
Technical indicators
Hourly MACD – The MACD for BCH/USD is boring affective in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently aloof beneath the 50 level, with abrogating signs.
Key Support Levels – $230 and $225.
Key Resistance Levels – $241 and $248.
