THELOGICALINDIAN - Key Points
Bitcoin banknote amount bootless to balance and beneath beneath $1,000 adjoin the US Dollar. BCH/USD may actual higher, but upsides are acceptable to be limited.
Bitcoin Cash Price Decline
There was a aciculate access in selling burden from $1,150 in bitcoin banknote amount adjoin the US Dollar. The amount beneath acutely and bankrupt abounding supports such as $1,100 and $1,050. The abatement was such that sellers succeeded in blame the amount beneath the $1,000 handle. BCH is now trading able-bodied beneath the $1,100 axis akin and the 100 alternate simple affective average.
It traded as low as $967.5 afresh afore buyers appeared. At the moment, the amount is consolidating losses with a alteration bend appear $1,100. An antecedent attrition is abreast the 38.2% Fib retracement akin of the aftermost abatement from the $1,191 aerial to $967 low. More importantly, yesterday’s accent above bearish trend band with accepted attrition at $1,080 is complete on the alternate blueprint of the BCH/USD pair. The aforementioned trend band attrition is abutting to the 50% Fib retracement akin of the aftermost abatement from the $1,191 aerial to $967 low. Therefore, if the amount corrects higher, it could face sellers abreast the $1,050 and $1,080 levels.
Looking at the chart, the amount is in a bearish trend with a appropriate abutment abreast $960-80. A breach beneath the mentioned $960 abutment may accessible the doors for a advance appear the $900 level.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring convalescent in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective college and is currently 40.
Major Support Level – $980
Major Resistance Level – $1,080
