THELOGICALINDIAN - Key Points
Bitcoin banknote amount struggled and confused beneath $2500 adjoin the US Dollar. BCH/USD could barter added lower and analysis the $2300 support.
Bitcoin Cash Price Decline
There was a abeyance in the bounce abreast $2700 in bitcoin banknote amount adjoin the US Dollar. The amount bootless to breach aloft the $2700 akin and started a downside move. It beneath and bankrupt the $2600 and $2500 abutment levels. During the decline, there was a breach beneath a key bullish trend band with abutment at $2520 on the alternate blueprint of BCH/USD.
The brace is currently trading about $2450 and is attempting a abutting beneath the 100 alternate simple affective average. Should there be a abutting beneath $2450 and the 100 alternate SMA, the amount could extend declines. The abutting above abutment on the downside is about $2300 followed by $2280. On the upside, an antecedent attrition is about the 23.6% Fib retracement akin of the aftermost bead from the $2730 aerial to $2417 low. However, the most important hurdle is abutting to the $2550 akin and the burst trend line.
If there is a concise correction, the $2550 and $2600 levels are acceptable to anticipate gains. The 50% Fib retracement akin of the aftermost bead from the $2730 aerial to $2417 low is abreast $2570 to act as a above barrier. Therefore, there can be added slides appear the $2300 support.
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 able-bodied beneath the 50 level.
Major Support Level – $2300
Major Resistance Level – $2550
Charts address – Trading View, Kraken
