THELOGICALINDIAN - Key Points
Bitcoin banknote amount struggled to barter aloft $910 adjoin the US Dollar. BCH/USD beneath and it may conceivably abide to move bottomward appear the $825 support.
Bitcoin Cash Price Decline
There were abounding attempts to breach the $900-910 attrition zone by bitcoin banknote amount adjoin the US Dollar. The amount bootless to achieve aloft $910, which resulted in a aciculate downside move. It beneath and bankrupt abounding supports, including $900 and $880. BCH amount alike acclimatized beneath the $875 akin and the 100 alternate simple affective boilerplate to move into a bearish zone.
More importantly, yesterday’s accent key bullish trend band was breached at $880 on the alternate blueprint of the BCH/USD pair. The brace alike bankrupt the 50% Fib retracement akin of the aftermost beachcomber from the $824 low to $926 high. Therefore, there are affairs of added losses beneath the $850 akin in the abreast term. At the moment, the amount is accumulation abreast the 76.4% Fib retracement akin of the aftermost beachcomber from the $824 low to $926 high. However, the amount may conceivably continue to move down and it could anon retest the $825 beat low. Beneath this, the amount may alike revisit the $800 abutment zone.
Looking at the chart, the amount is acutely beneath bearish burden beneath $880. To admit a recovery, it has to move aloft the $880 barrier and the 100 alternate SMA.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has confused aback in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has accomplished the oversold levels with bearish signs.
Major Support Level – $825
Major Resistance Level – $880
