THELOGICALINDIAN - Key Points
Bitcoin banknote amount traded beneath the key $400 abutment adjoin the US Dollar. BCH/USD could actual higher, but sellers are acceptable to arise abreast $420 or $450.
Yesterday, we discussed that bitcoin banknote amount could extend losses beneath $400 adjoin the US Dollar. The BCH/USD brace adapted a few credibility recently, but it bootless to breach the $450 resistance. Later, there was a aciculate downside move and the amount beneath beneath the $420 and $400 supports. A new low was formed at $360 and the amount is now trading able-bodied beneath the 100 alternate simple affective average.
At the moment, the amount is consolidating losses about the $380 level. It seems like the 23.6% Fib retracement akin of the aftermost accelerate from the $451 aerial to $360 low is acting as a resistance. Moreover, there are two key bearish trend curve in abode with attrition at $420 and $450 on the alternate blueprint of the BCH/USD pair. The aboriginal bearish trend band coincides with the 50% Fib retracement akin of the aftermost accelerate from the $451 aerial to $360 low. Therefore, the $400-405 area could anticipate assets in the abreast term.
Looking at the chart, BCH amount could actual a few credibility aloft $390. However, buyers are acceptable to attempt abreast $400, $405, $420 and assuredly $450. On the downside, the abutting ambition for sellers could be $350.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently collapsed abreast the 40 level.
Major Support Level – $360
Major Resistance Level – $405
