THELOGICALINDIAN - Key Points
Bitcoin banknote amount confused beneath key supports adjoin the US Dollar. BCH/USD is now trading able-bodied beneath $1,300 with a bearish bend in the abbreviate term.
Bitcoin Cash Price Decline
Yesterday, we discussed how $1,480 and $1,500 levels stopped the upside move in bitcoin banknote amount adjoin the US Dollar. The amount bootless to move aloft the mentioned levels and beneath acutely beneath $1,400. The abatement was such that the amount alike bankrupt the 76.4% Fib retracement akin of the aftermost beachcomber from the $1,330 low to $1,495 high.
It opened the doors for added losses and there was a breach beneath a key abutting bullish trend band with abutment at $1,410 on the alternate blueprint of the BCH/USD pair. The brace alike acclimatized beneath the $1,300 abutment and the 100 alternate simple affective average. These are bearish signs beneath $1,300 and it seems like the amount may abide to barter lower in the abbreviate term. It is currently trading abreast the $1,240 akin with a lot of affairs pressure. If it corrects college it could analysis the 23.6% Fib retracement akin of the aftermost bead from the $1,495 aerial to $1,240 low.
Looking at the chart, the amount may abide to advance declines appear the $1,200 level. Any added declines would depend how buyers acknowledge about the declared $1,200 abutment akin in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is accelerating drive in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has accomplished the oversold levels.
Major Support Level – $1,200
Major Resistance Level – $1,300
