THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath beneath the key abutment at $540-550 adjoin the US Dollar. BCH/USD is aback in a bearish area appear $500 and $480.
Bitcoin Cash Price Decline
There was a beginning alpha of a downside move from the $580 and $600 beat highs in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace beneath heavily and bankrupt the $560 and $550 abutment levels. The abatement was acute as the amount bankrupt the 50% Fib retracement akin of the aftermost beachcomber from the $470 beat low to $610 beat high. The amount alike acclimatized beneath the $540 abutment and the 100 alternate simple affective average.
More importantly, there was a breach beneath a acute bullish trend band with abutment at $555 on the alternate blueprint of the BCH/USD pair. The brace traded appear the $500-510 abutment breadth area buyers emerged. However, the contempo downside breach seems cogent back the price acclimatized beneath $540. An antecedent abutment sits at the 76.4% Fib retracement akin of the aftermost beachcomber from the $470 beat low to $610 beat high. Should buyers abort to avert the $505-510 abutment zone, there could be added losses in the abreast term.
Looking at the chart, BCH amount is aback in a bearish area beneath $540. Therefore, there are alike affairs of added slides beneath the $510 and $500 supports levels in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is affective heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied beneath the 40 level.
Major Support Level – $510
Major Resistance Level – $540
