THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath acutely adjoin $1500 adjoin the US Dollar. BCH/USD is now in a bearish trend as continued as it is beneath $2100.
Bitcoin Cash Price Downtrend
There was a start of a beginning downside wave in bitcoin banknote amount from the $2600 beat aerial adjoin the US Dollar. The amount comatose and beneath beneath a few important abutment levels such as $2200 and $2100. The abatement was such that the amount alike beneath beneath the $1600 support. It traded abutting to the $1500 akin and formed a low at $1501.7. Later, an upside alteration was accomplished and the amount confused aloft the 23.6% Fib retracement akin of the aftermost bead from the $2403 aerial to $1501 low.
However, there are abounding resistances on the upside about the $2000 level. Above $2000, yesterday’s accent above bearish trend band with attrition at $2100 is complete on the alternate blueprint of BCH/USD. Moreover, the 50% Fib retracement akin of the aftermost bead from the $2403 aerial to $1501 low is at $1952 to anticipate upsides. Therefore, it seems like there are abounding barriers for buyers about the $1950 and $2100 levels. As continued as the amount is beneath the $2100 level, it charcoal in a downtrend.
On the downside, an antecedent abutment is about $1600, followed by the aftermost beat low of $1501. A breach beneath $1501 could access a lot of burden for a move against $1200.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently able-bodied beneath the 50 level.
Major Support Level – $1500
Major Resistance Level – $2100
Charts address – Trading View, Kraken
