THELOGICALINDIAN - Key Points
Bitcoin banknote amount is beneath abundant affairs burden adjoin the US Dollar. BCH/USD could abide to move bottomward and it may analysis the $220 akin in the abreast term.
Yesterday, we discussed how there was an increase in affairs pressure beneath $300 in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace beneath heavily and bankrupt the $280 and $260 abutment levels. It is now trading able-bodied beneath the $300 akin and the 100 alternate simple affective average. The contempo abatement was such that the amount alike bankrupt the $250-255 abutment breadth and formed a low at $249.
At the moment, the amount is accumulation losses abreast $260 with bearish moves. An antecedent attrition is the 23.6% Fib retracement akin of the contempo abatement from the $379 aerial to $249 low. Above $280, the amount could analysis the $300 level, which is a above resistance. More importantly, yesterday’s accent key bearish trend band is complete with attrition at $315 on the alternate blueprint of the BCH/USD pair. The trend band coincides with the 50% Fib retracement akin of the recent decline from the $379 aerial to $249 low.
Looking at the chart, BCH amount is acutely in a above declivity beneath $280 and $300. There could be a accessory recovery, but after the amount is acceptable to resume decline. The abutting capital abutment for buyers is abreast $220 followed by $200.
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 currently abreast the 40 level.
Major Support Level – $250
Major Resistance Level – $300
