THELOGICALINDIAN - Key Points
Bitcoin banknote amount traded beneath the $1800 and $1700 supports adjoin the US Dollar. BCH/USD is acceptable to abide in a declivity as continued as it is beneath $1700.
Bitcoin Cash Price Decline
There was a steady decline acclaimed in bitcoin banknote amount from the $2000 beat aerial adjoin the US Dollar. The amount beneath and confused beneath the $1800 and $1700 abutment levels. It alike bankrupt the 50% Fib retracement akin of the aftermost upside leg from the $1350 low to $2132 high. It opened the doors for added losses and the amount traded against $1500.
A low was formed at $1503 and the amount is currently acclimation higher. It is testing the 23.6% Fib retracement akin of the aftermost abatement from the $2125 aerial to $1503 low. There is additionally a new abutting bearish trend band basic with attrition at $1650 on the alternate blueprint of BCH/USD. A breach aloft the trend band attrition at $1650 is needed for buyers to accretion control. Aloft $1650, the abutting above attrition is at $1800 and the 100 alternate simple affective average. It is additionally the 50% Fib retracement akin of the aftermost abatement from the $2125 aerial to $1503 low.
Therefore, a breach aloft the $1800 attrition would be a acceptable absolute signal. On the downside, the $1500 akin is a above abutment and charge authority to abstain added declines.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is disturbing to move aback in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is convalescent college against the 45 level.
Major Support Level – $1500
Major Resistance Level – $1650
Charts address – Trading View, Kraken
