THELOGICALINDIAN - Key Points
Bitcoin banknote amount faced an added affairs burden beneath $175 adjoin the US Dollar. BCH/USD could alike breach the $150 abutment akin and barter appear $130.
After declining abreast the $175 resistance, bitcoin banknote amount started a beginning abatement adjoin the US Dollar. The BCH/USD brace continued declines afresh and bankrupt the $170 and $165 abutment levels. The amount is now trading able-bodied beneath the $170 akin and the 100 alternate simple affective average. Earlier, there was an advancement move, but the amount bootless to breach the $175 and $180 attrition levels.
During the contempo decline, the amount bankrupt the $160 abutment and traded as low as $154. The amount is currently accumulation aloft $150 and it is advancing for the abutting move. An antecedent attrition is the 23.6% Fib retracement akin of the recent decline from the $176 aerial to $154 low. However, the capital attrition is abreast the $170 level. Moreover, there is a above bearish trend band formed with attrition abreast $168 on the alternate blueprint of the BCH/USD pair. The trend band is abutting to the 50% Fib retracement akin of the contempo abatement from the $176 aerial to $154 low.
Looking at the chart, BCH amount is acceptable to breach the $154 low and if sellers accretion strength, they may alike breach $150. The abutting above abutment beneath $150 is abreast the $130 level.
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 now beneath the 40 level.
Major Support Level – $155
Major Resistance Level – $170
