THELOGICALINDIAN - Bitcoin banknote amount is adverse abounding resistances abreast 216 adjoin the US Dollar BCHUSD could tumble beneath 210 if it continues to attempt abreast 216
Bitcoin Cash Price Analysis
After a abiding decline, bitcoin banknote amount begin abutment abreast the $210 akin adjoin the US Dollar. BCH amount traded as low as $209 and afresh started an upside correction.
It bankrupt the $213 level, and the 23.6% Fib retracement akin of the aftermost key abatement from the $227 aerial to $209 low. However, the amount seems to be adverse a able attrition abreast the $216 and $218 levels.
Similarly, bitcoin is disturbing to accretion drive aloft the $7,400 attrition breadth and Ethereum is award it adamantine to abide college aloft $152.
On the upside, BCH seems to be disturbing abreast the $216 akin and the 100 alternate simple affective average. Besides, the 50% Fib retracement akin of the aftermost key abatement from the $227 aerial to $209 low is abreast the $218 level.
More importantly, there is a aloft bearish trend band basic with attrition abreast $215 on the alternate blueprint of the BCH/USD pair. Therefore, an upside breach aloft the $216 and $218 attrition levels is charge for bullish continuation.
The abutting set of resistances is abreast the $225 level. An average attrition is abreast the 61.8% Fib retracement akin of the aftermost key abatement from the $227 aerial to $209 low at $220.
On the added hand, the amount could abort to beat $216 and $218. In the mentioned case, the amount is acceptable to retest the $210 abutment area. Any added losses may conceivably advance the amount appear the $200 abutment area.
Looking at the chart, bitcoin banknote amount seems to be accumulation beneath the capital $216 and $218 attrition levels. In the abbreviate term, there could be alignment moves aloft the $210 abutment afore the amount either rallies appear $227 or revisit the $200 abutment area.
Hourly MACD – The MACD for BCH/USD is currently accident drive and affective into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still beneath the 50 level, with a accessory bullish angle.
Key Support Levels – $210 and $200.
Key Resistance Levels – $216 and $218.
