THELOGICALINDIAN - Key Points
Bitcoin banknote amount beneath heavily beneath $1,000 adjoin the US Dollar. BCH/USD ability actual a few credibility against the antecedent abutment levels in the abreast term.
Bitcoin Cash Price Trend
There was a aciculate downside move from the $1,200 resistance in bitcoin banknote amount adjoin the US Dollar. The amount beneath and bankrupt abounding supports such as $1,100 and $1,050. More importantly, there was a breach and abutting beneath the $1,000 level. It traded abutting to the $900 abutment akin area buyers emerged. A low was formed abreast $895 and the amount started an upside correction.
It is currently trading aloft the 23.6% fib retracement akin of the aftermost abatement from the $1,035 beat aerial to the $895 low. However, there are abounding hurdles on the upside cat-and-mouse abreast the $950 and $990 levels. There is additionally a key bearish trend band basic with attrition at $990 on the alternate blueprint of the BCH/USD pair. Moreover, the 50% fib retracement akin of the aftermost abatement from the $1,035 beat aerial to the $895 low is abreast $965 to prevent upsides. Therefore, if the amount corrects higher, it is acceptable to acquisition sellers on the upside abreast $950 and $990.
Looking at the chart, the brace is in a declivity and the accepted accretion may face sellers beneath $1,000. On the downside, supports are apparent abreast the $920 ad $900 levels, followed by $850.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is boring convalescent against the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is about to move aloft the 50 level.
Major Support Level – $900
Major Resistance Level – $990
