THELOGICALINDIAN - Key Points
Bitcoin banknote amount is aback in a declivity beneath $720 adjoin the US Dollar. BCH/USD is acceptable to advance declines aback appear the $665 and $650 levels.
Bitcoin Cash Price Decline
Yesterday, we saw a failure abreast the $775 resistance in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace started a beginning downside beachcomber and bankrupt the $750 and $720 abutment levels. There was alike a abutting beneath the $750 axis akin and the 100 alternate simple affective average. It seems like the amount bootless to breach the 50% Fib retracement akin of the aftermost abatement from the $905 aerial to $664 low.
It opened the doors for a new bearish beachcomber and the amount confused beneath $700. It alike surpassed the 50% Fib retracement akin of the aftermost leg from the $665 low to $779 high. Added importantly, this week’s accent key bearish trend band played able-bodied with attrition at $720 on the alternate blueprint of the BCH/USD pair. The brace is currently trading aloof beneath the $700 akin with a bearish angle. If the 76.4% Fib retracement akin of the last leg from the $665 low to $779 aerial fails to authority declines, there could be added losses appear the aftermost beat low of $665.
Looking at the chart, the amount is aback in a declivity beneath $720, aloft which there are affairs of an upside recovery.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently abreast the 30 level.
Major Support Level – $665
Major Resistance Level – $720
