THELOGICALINDIAN - Key Points
Bitcoin banknote amount akin best of its assets adjoin the US Dollar. BCH/USD is now beneath $1,140 and is disturbing to authority the 100 alternate SMA.
Bitcoin Cash Price Support
After trading aloft the $1,200 level, bitcoin banknote amount faced sellers adjoin the US Dollar. The amount formed a top at $1,209 and started a downside move. It bankrupt a few important abutment abreast the $1,180 and $1,140 levels. Moreover, there was alike a breach beneath the 50% Fib retracement akin of the aftermost leg from the $1,057 low to $1,209 high.
The accelerate was abundant as the amount confused beneath the $1,100 support. Added importantly, there was a breach beneath a aloft bullish trend band with abutment at $1,140 on the alternate blueprint of the BCH/USD pair. The brace is currently trading aloof aloft the $1,070 abutment and the 100 alternate simple affective average. The declared $1,070 akin already acted as a strong support once, which is why it holds a lot of importance. If the amount fails to break aloft $1,070 and the 100 alternate SMA, there could be added declines appear $1,040 and $1,000.
Looking at the chart, the abutting above abutment sits abreast the 1.236 Fib addendum akin of the aftermost leg from the $1,057 low to $1,209 aerial at $1,020. Therefore, the amount charge authority the 100 alternate SMA and $1,070 to abstain added slides.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is hardly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is affective lower appear the 30 level.
Major Support Level – $1,070
Major Resistance Level – $1,140
