THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath heavily beneath $740 adjoin the US Dollar. BCH/USD charcoal at a accident of added losses beneath the $700 level.
Bitcoin Cash Price Decline
Yesterday, there was a accessory recovery aloft the $750 akin in bitcoin banknote amount adjoin the US Dollar. However, the BCH/USD brace bootless to authority assets and beneath aback beneath $750 and $740 abutment levels. It traded abutting to the $700 akin and formed a low at $705. The accepted bent is actual abrogating back the amount is placed able-bodied beneath the $750 akin and the 100 alternate simple affective average.
If the amount break the $705 low, it could abatement acutely in the abreast term. The abutting abutment beneath $700 is at $680, which may act as a appropriate buy zone. Beneath this, the amount could revisit the $650 abutment area. On the upside, an antecedent attrition is the 23.6% Fib retracement akin of the aftermost bead from the $840 beat aerial to $705 low. More importantly, this week’s accent acute bearish trend line is complete with attrition at $745 is complete on the alternate blueprint of the BCH/USD pair. Above the trend line, the abutting attrition is abreast the $770 akin and the 100 alternate SMA.
Looking at the chart, the amount is acutely in a above declivity beneath $750. Should there be a breach beneath $705, it won’t be accessible for BCH buyers to animation back.
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 now abreast the oversold levels.
Major Support Level – $705
Major Resistance Level – $745
