THELOGICALINDIAN - Key Points
Bitcoin banknote amount ABC confused beneath $100 admitting BCHSV climbed aloft $100 adjoin the US Dollar. BCH/USD is beneath burden and it could barter appear $80.
Yesterday, we discussed that bitcoin banknote amount could analysis the $100 support adjoin the US Dollar. The BCH/USD brace did move bottomward and bankrupt the $120 and $110 abutment levels. The amount not alone activated the $100 level, but sellers succeeded in allowance $100. A new annual low was formed abreast $95 and it seems like the amount may abide to slide. More importantly, BCHSV climbed college afresh and surpassed the amount of BCHABC, which is a abrogating sign.
There are abounding bearish signs on the blueprint beneath the $100 level. If there is a correction, the amount may analysis the $105-108 attrition zone. It coincides with the 23.6% Fib retracement akin of the contempo abatement from the $145 aerial to $97 low. However, the amount is trading able-bodied beneath the $125 akin and the 100 alternate simple affective average. Therefore, a aloft advancement move aloft $110 is actual unlikely. Besides, there is a monster bearish trend line in abode with attrition at $120 on the alternate blueprint of the BCH/USD pair.
Looking at the chart, BCH amount charcoal in a above declivity beneath $120. Sellers are acceptable to advance the amount beneath the $90 level. The abutting ambition for them could be $80.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is abreast oversold levels.
Major Support Level – $90
Major Resistance Level – $105
