THELOGICALINDIAN - Key Points
Bitcoin banknote amount started a downside move afterwards it was alone from $900 adjoin the US Dollar. BCH/USD charge breach aloft $825 to abstain a bearish break.
Bitcoin Cash Price Trend
There was a recovery initiated in bitcoin banknote amount from the $799 low adjoin the US Dollar. The amount climbed aloft the $840 and $850 attrition levels to alpha a recovery. It alike traded a few credibility aloft the $900 akin afore sellers appeared. There was no abutting aloft the $900 resistance, which resulted in a bearish reaction. BCH amount beneath acutely and confused beneath the $850 abutment area.
There was additionally a breach beneath the 50% Fib retracement akin of the aftermost beachcomber from the $799 low to $910 high. The downside move was such that the amount bankrupt beneath the $840 akin and the 100 alternate simple affective average. At the moment, the amount is captivation an important abutment akin at $825. It additionally coincides with the 76.4% Fib retracement akin of the aftermost beachcomber from the $799 low to $910 high. Should there be a downside breach beneath $825, the amount may appear under a lot of pressure. On the upside, there is a above bearish trend band formed with attrition at $850 on the alternate blueprint of the BCH/USD pair.
Looking at the chart, the brace is acutely at a accident of a downside breach beneath $825 in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD is affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied beneath the 50 level.
Major Support Level – $825
Major Resistance Level – $850