THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback in a bearish area beneath $1,220 adjoin the US Dollar. BCH/USD is accident drive and it could abide to move bottomward appear $1,150.
Bitcoin Cash Price Decline
There was a rejection noted from the $1,300 attrition area in bitcoin banknote amount adjoin the US Dollar. The amount formed a concise top abreast $1,315 afore starting a downside move. It beneath and confused beneath the $1,250 and $1,220 abutment levels. The downside move was able as the amount additionally bankrupt beneath the $1,220 abutment and the 100 alternate simple affective average.
During the decline, the amount bankrupt the 61.8% Fib retracement akin of the aftermost leg from the $1,165 low to $1,315 high. The accepted amount activity suggests that a abutting beneath $1,220 and the 100 alternate SMA was crucial. At the moment, there is a crumbling approach basic with attrition at $1,220 on the alternate blueprint of the BCH/USD pair. The brace could advance declines beneath the 76.4% Fib retracement akin of the aftermost leg from the $1,165 low to $1,315 high. The next support may able-bodied be the aftermost beat low of $1,165, followed by the all-important $1,150.
Looking at the chart, the accepted downside move seems to be a bearish beachcomber with a abutting beneath $1,210. Should the amount actual college from the accepted levels, the $1,220 and $1,250 levels are acceptable to anticipate upsides.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback accepting clip 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 – $1,150
Major Resistance Level – $1,220
