THELOGICALINDIAN - Key Points
Bitcoin banknote amount confused aback in a bearish area beneath $200 adjoin the US Dollar. BCH/USD could abatement appear $160 as continued as it is beneath $200.
After a solid accretion aloft the $200 level, bitcoin banknote amount struggled to authority gains adjoin the US Dollar. The BCH/USD brace started a beginning abatement and traded beneath the $200 and $190 abutment levels. There was alike a abutting beneath the $180 akin and the 100 alternate simple affective average. The amount alike bankrupt the 61.8% Fib retracement akin of the aftermost accretion from the $145 beat low to $206 high.
More importantly, there was a breach beneath an ascendance approach with abutment at $172 on the alternate blueprint of the BCH/USD pair. The brace activated the $160 abutment area and formed a low at $161. Later, there was a accessory upside alteration aloft the $170 level. The amount additionally confused aloft the 23.6% Fib retracement akin of the contempo abatement from the $206 aerial to $161 low. However, there are many resistances on the upside abreast the $180 and $190 levels. Additionally, the 100 alternate SMA is additionally positioned abreast the $180 level.
Looking at the chart, BCH amount is currently trading beneath the key $190 and $200 attrition levels. As continued as there is no breach aloft these resistances, the amount could accelerate aback appear $160 or $150.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed aloft the 50 level.
Major Support Level – $165
Major Resistance Level – $190
