THELOGICALINDIAN - Key Points
Bitcoin banknote amount is acclimation lower appear $2400 adjoin the US Dollar. BCH/USD charge break aloft $2450-2400 to abstain added declines.
Bitcoin Cash Price Correction
We saw further upsides in bitcoin banknote amount aloft the $2700 akin adjoin the US Dollar. The amount traded abutting to the $2800 akin area it faced sellers. A aerial was formed at $2782 from area a downside alteration was initiated. It confused beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $2220 low to $2782 high. However, there are abounding supports on the downside about the $2400 and $2450 levels.
At the moment, the amount is trading aloof beneath the 50% Fib retracement akin of the aftermost beachcomber from the $2220 low to $2782 high. On the downside, there is a key bullish trend band basic with abutment at $2450 on the alternate blueprint of BCH/USD. The aforementioned trend band abutment at $2450 coincides with the 100 alternate simple affective average. Moreover, the 61.8% Fib retracement akin of the aftermost beachcomber from the $2220 low to $2782 aerial is additionally about $2430. Therefore, it seems like the $2400-2450 abutment area may act as a strong buy zone in the abreast term.
On the upside, an antecedent attrition is at $2650. A breach aloft $2650 could accessible the gates for a move against $2800 and $3000 in the abbreviate term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now beneath 50 and is affective lower.
Major Support Level – $2450
Major Resistance Level – $2650
Charts address – Trading View, Kraken
