THELOGICALINDIAN - Key Points
Bitcoin banknote amount continued losses beneath $150 adjoin the US Dollar. BCH/USD may abide to move bottomward and it could alike analysis the $125 level.
Yesterday, we discussed that bitcoin banknote amount could breach the $150 level adjoin the US Dollar. The BCH/USD brace remained in a bearish area and it did barter beneath the $160 and $150 levels. The abatement was awful as the amount is now trading able-bodied beneath the $155 akin and the 100 alternate simple affective average. The aftermost beat low was formed abreast the $145 akin afore the amount adapted higher.
It climbed aloft the $150 akin and the $152 axis level. There was a breach aloft the 23.6% Fib retracement akin of the contempo accelerate from the $166 aerial to $145 low. However, the upside move was capped by the $155 and $156 attrition levels. The 50% Fib retracement akin of the contempo accelerate from the $166 aerial to $145 low additionally acted as a resistance. Moreover, there is additionally a new abutting bearish trend band formed with attrition abreast $148 on the alternate blueprint of the BCH/USD pair. The brace beneath afresh and bankrupt the $145 low.
Looking at the chart, BCH amount is beneath burden beneath the $148 and $145 level. It seems like the amount may abide to move bottomward and it could alike breach $140 and $132.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now abreast the oversold levels.
Major Support Level – $140
Major Resistance Level – $150
