THELOGICALINDIAN - Key Points
Bitcoin banknote amount adapted acutely lower from $890 adjoin the US Dollar. BCH/USD charge break aloft the $800 abutment to abstain added slides.
Bitcoin Cash Price Support
Yesterday, we saw a major upside move aloft the $850 attrition in bitcoin banknote amount adjoin the US Dollar. The BCH/USD brace traded appear the $900 akin and a aerial was formed abreast $890. Later, the amount started a downside alteration and bankrupt the $860 and $840 abutment levels. It alike bankrupt the 61.58% Fib retracement akin of the aftermost leg from the $780 low to $890 high.
Moreover, this week’s accent above bullish trend band was breached with abutment abreast $830 on the alternate blueprint of the BCH/USD pair. The brace is currently testing an important abutment abreast the $800 level, which was a attrition earlier. If the amount recovers from the $800 support, it could face attrition abreast the $825 level. It is the 23.6% Fib retracement akin of the aftermost abatement from the $890 aerial to $804 low. Above $825, the amount will resume it upside move appear the $850 and $860 levels.
Looking at the chart, the amount is at a accident of a downside breach beneath the $800 abutment level. The abutting aloft abutment on the downside is abreast the $785 akin and the 100 alternate simple affective average. Overall, the amount charcoal in an uptrend as continued as it is aloft $780 and the 100 alternate SMA.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BCH/USD has confused into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now able-bodied beneath the 40 level.
Major Support Level – $800
Major Resistance Level – $825
