THELOGICALINDIAN - Key Points
Bitcoin banknote amount registered abundant losses from the $200 beat aerial adjoin the US Dollar. BCH/USD could abide to move bottomward appear the $100 level.
Yesterday, we discussed that bitcoin banknote amount may slide added appear $125 adjoin the US Dollar. The BCH/USD brace did barter lower afterwards it bankrupt the $150 and $145 abutment levels. The abatement was such that the amount alike bankrupt the $130 akin and traded abutting to $125. It is now positioned able-bodied beneath the $140 akin and the 100 alternate simple affective average.
The contempo low was formed abreast $126 and the accepted amount activity suggests added gains. On the upside, an antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $158 beat aerial to $126 low. Added importantly, there is a aloft crumbling approach formed with attrition abreast $135 on the alternate blueprint of the BCH/USD pair. The brace is actual absurd to barter aloft the $135 and $140 resistance levels in the abbreviate term. Aloft $140, the abutting attrition is the 50% Fib retracement akin of the aftermost abatement from the $158 beat aerial to $126 low. On the downside, a abutting beneath the $125 akin could advance the amount appear $110 or $100.
Looking at the chart, BCH amount is acutely in a cogent declivity beneath $150. It is acceptable to accelerate added appear $120, $110 or $100.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is able-bodied beneath the 30 level.
Major Support Level – $120
Major Resistance Level – $135
